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[Yugocean]

The President of Brazil has approved the bill that allows people to use Bitcoin and other cryptocurrencies as a means of financial activity.
Not a legal tender
The bill, however, doesn't give legal tender status to any crypto because the Brazilian Real is their national currency.
Example
Cryptocurrency will have the same use in Brazil as the Scottish and North Irish banknotes in those countries, while only GBP is legal tender.

 

[Yugocean]

Tax crypto

Now Brazil politicians want to tax crypto more (don't know if they will tax crypto directly or tax the gains in fiat.
Politicians are discussing what to do to tax, and people are discussing what to do to save freedom.

 

[Flower]

Government accept cryptocurrencies because they see the future . It was predicted that cryptocurrency is the future money and it has changed the way we think about financial transactions in a great way . This is why so many companies would not want to miss the development in the financial sector by adopting cryptocurrency.

 

[Medo24]

It might be difficult to tax cryptocurrencies because of their volatility but the government of Brazil can easily achieve it by taxing the gains made in fiat which is a stable currency

 

[Bolajimi]

That is quite impressive. Brazil government is actually playing safe. They don't want to risk and at the same don't want to miss the opportunity cryptocurrency will bring. I think brazil is doing the right thing by not giving cryptocurrency the right to be the official legal tender of their country. The risk is enormous. That is a smart move by Brazilian government.

At the same time, they need to be very careful especially being careful of the coins that they invest in. I am sure that Brazil will have some cryptocurrency enthusiasts so that will not be a problem to them

 

[fiery phoenix]

It is being rumored that BRICS is forming a gold backed reserve currency for its member states
After the currency is approved,it remains to be seen what impact it will have

It is still too early to say which currency will be more successful in the long run. The development of the gold-backed BRICS currency and Bitcoin will depend on a number of factors, including the regulatory environment, the adoption by businesses and individuals, and the technological developments.