Brazilian Lawmakers to Discuss Bill Recognizing Cryptocurrencies as Means of Payment

Recently, Paulo Martins, Federal Deputy in Brazil, issued a bill to the country’s legislature, proposing to recognize cryptocurrencies as means of payment. The bill states that while crypto assets are not currency, they can be "used as a financial asset, means of exchange or payment, or instrument of access to goods and services or investment." The bill also discusses the new powers and limitations that Brazilian courts would have, such as freezing exchange accounts. It doesn't allow the judiciary to access to the users' private key. The proposal is still in the initial phase of discussion in the Chamber of Deputies within the country’ legislature. This means that it could take several years before it's passed by the Senate and signed into law by the president.