Brazil is all set to recognize Crypto as legal financial assets and officially wants to accept them as a mode of payment.

It is still an open question for everyone, whether Brazil will follow in the same footsteps as El Salvador did. The latest proposal shows the country is running towards meaningfully regulating the crypto industry as adoption reaches a crucial stage.

Brazil seeks to add Bitcoin (BTC) and other cryptocurrencies as a mode of payment

The new bill which is presented by Federal Deputy Paulo Martins on June 10, seeks to add Bitcoin (BTC) and other cryptocurrencies as a mode of payment.

The new law, introduced on June 10 by Federal Deputy Paulo Martins, wants to include Bitcoin (BTC) and other cryptocurrencies as a form of payment.

The comprehensive legislative proposal is an addendum to the country's current statute - Civil Procedure Code Article 835.

While the planned inclusion would not necessarily make cryptocurrency legal cash in the country, it will assist the asset class in being utilized as a financial asset for a variety of reasons, such as means of exchange or payment, and instrument of access to goods and services, or investment.

The measure has been delivered to the South American country's parliamentarians, who will now have debates before the amendments are approved by the Senate and signed into law by the president.

Brazil is one of the most active crypto marketplaces in Latin America

The emphasis will also be on securing users' private keys, as well as offering additional powers and constraints to Brazilian courts if cryptocurrency is recognized as a financial asset. This includes things like freezing exchange accounts.

Brazil is one of the most active crypto marketplaces in Latin America, and the government has been working hard to approve a crypto bill before the end of the year.

In recent years, the amount of crypto trading in Brazil has increased dramatically. As a result, the country's federal judges are presently undergoing training on crypto-related issues, as the country anticipates a rise in such court cases.