Assets, Bitcoin

Is Bitcoin Allowed in Brazil?

Yes, Bitcoin is legal in Brazil. In fact, the Brazilian government has been supportive of Bitcoin and other cryptocurrencies.

In 2017, the Brazilian Securities and Exchange Commission (CVM) issued a statement clarifying that Bitcoin and other digital assets are not considered securities. However, the CVM did caution investors about the risks associated with investing in cryptocurrencies.

The Brazilian Central Bank has also been supportive of cryptocurrencies. In a 2018 interview, the bank’s president, Ilan Goldfajn, said that he saw “no problem” with people investing in Bitcoin.

NOTE: WARNING: Trading or using Bitcoin in Brazil is considered illegal. The Central Bank of Brazil has issued a warning to citizens and financial institutions against the use of digital currencies, such as Bitcoin. Any person or entity found to be involved in Bitcoin activities could face criminal charges.

Goldfajn also said that the Brazilian government was studying the possibility of launching its own cryptocurrency.

So far, there have been no major crackdowns on Bitcoin or other cryptocurrencies in Brazil. This is likely due to the fact that the Brazilian government has taken a relatively hands-off approach to regulation.

However, this could change in the future if the government decides to crack down on cryptocurrency trading or usage.

Previous ArticleNext Article