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Brazil Codifies New Law Creating Bitcoin Trading Framework

12/21/2022

 
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Brazilian President Jair Bolsonaro on Thursday morning signed a bill into law that establishes a complete regulatory framework for the trading and use of bitcoin in the country, according to Bitcoin Magazine. The new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation.
A virtual asset is "a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment," per the bill’s text.

The new law, which goes into effect 180 days after today’s signature, does not make bitcoin or any cryptocurrency a legal tender in the country. Notwithstanding, the legitimacy conferred upon BTC’s use case as payment is meaningful and has the potential to spur greater activity in the country. The extent to which that happens, however, is dependent on the actions of the regulator in charge, according to the same Bitcoin Magazine article.
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The executive branch will select the government bodies that will oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation, as reported by Nasdaq.com.


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JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
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