Brazil's Congress Moves to Regulate Crypto Payments

02 Dec 2022

Brazil's Congress has passed a bill that would regulate the use of cryptocurrency as a means of payment throughout the country, potentially providing a boost toward the adoption of digital assets in the South American nation, Decrypt report.

What this means is that banks, if they chose, could soon begin offering crypto payment services, facilitating the use of crypto for buying and selling ordinary goods, in the same way that consumers currently use credit cards or other similar services.

Some banks in Brazil are already today experimenting with crypto custody, such as the Brazilian subsidiary of the Spanish banking giant Santander, which has plans to begin offering crypto trading services as well. Other banks like Itaú, one of Brazil's largest private banks, plans to launch its own asset tokenization platform. None, however, have yet developed a service to process payments in crypto.