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[SCAMEXPOSER]

El-Salvador is the first country to adopt bitcoin as a legal tender, many countries have shown intentions to follow the path but from recent updates Brazil might be the next as the Federal Deputy Aureo Ribeiro, stated that Brazilians will now be able to acquire houses, cars, and McDonald's using the world's largest cryptocurrency, that's possible due to the passing of Bill 2.303/15 last Wednesday, which is targeted to bring about a legal framework for virtual currencies. Aureo Ribeiro believes this will attract foreign investment

 

[SCAMEXPOSER]

Obviously,if other countries emulate the legalization of cryptocurrencies for transactions it will assist lots of government activities and also help in managing the volatile nature of the cryptocurrency market. It is not necessary countries make them legal tender.

 

[Lobardi]

Yes , you are right making currencies legal tender is not the only solution allowing the payments via the network makes the game easier and allows the countries to have more innovation and utility in the payment system methods which is the way to go to be honest actually in my opinion as time is always making things right for people Always to be honest .

 

[Niftyicon]

True, El Salvador had a huge success after adopting crypto currency this has motivated other countries as well to be part of this huge revolution in field of currency. Hope till will encourage further more to come forward and be part of crypto currency, if this keep on this way soon it will overlaps the physical currency that is recently being used.

It may actually take a while for fiat to become less used and crypto becoming the main means of paying for transactions but I can see the positive trend already. The global economy has also created a very conducive environment for cryptocurrencies to thrive, which is why even in countries that termed crypto use illegal, the market still keeps increasing.

 

[fiery phoenix]

True, El Salvador had a huge success after adopting crypto currency this has motivated other countries as well to be part of this huge revolution in field of currency. Hope till will encourage further more to come forward and be part of crypto currency, if this keep on this way soon it will overlaps the physical currency that is recently being used.

I agree with you on the physical currency issue,we might be slowly creating a world where money will be used digitally more than physical and I think that world is more possible in the decentralised crypto space.The growth rate of crypto agrees that physical cash is slowly losing interest from people and I think its the right thing,everything has to have an upgrade at some point

 

[Horia_10]

Physical cash always has a fixed value and it does not deflates and falls in values more than 1-2% in a day compared to the Crypto and markets that can fall upto 22% in a day and even more in the history , So there is no comparison in the Crypto and the actual legal and definite fiat money of any country which is accepted worldwide by all the world Countries indeed .

 

[Rubee]

I definitely agree with the Brazilian government. I believe legalizing bitcoin which is the world's largest crypto currency as a legal gender will bring about foregin investments. It would also be an advantage to investors because the prices of bitcoin would be high causing investors to make good profit. Other countries should also follow in their footsteps.

 

[Ben Kempton]

I agree with you on the physical currency issue,we might be slowly creating a world where money will be used digitally more than physical and I think that world is more possible in the decentralised crypto space.The growth rate of crypto agrees that physical cash is slowly losing interest from people and I think its the right thing,everything has to have an upgrade at some point

I guess that we are still much far away from the time when the paper money will become obsolete. This is because the real issue here is that the fiat currencies are owned by the state and state needs these currencies to survive. I am not saying that it is not possible for a state to survive through digital currencies. However, creating such kind of digital network and channel of digital assets with take a very long time, especially in many developing countries.

 

[Josemendez]

It will be a big boost when this is made possible in Brazil . It will add Brazil to the list of countries that have started accepting Bitcoin as payment methods. The citizens will thus have the full confidence to deal with digital assets since the government have given support to it

 

[Ben Kempton]

It will be a big boost when this is made possible in Brazil . It will add Brazil to the list of countries that have started accepting Bitcoin as payment methods. The citizens will thus have the full confidence to deal with digital assets since the government have given support to it

I believe that adoption of cryptocurrencies by Brazil is a very tough decision to make for the Brazilian government. Since money laundering is a major concern, Brazil has to wisely adopt the right kind of policies in order to regulate cryptocurrencies. Having said that, I have been reading that Brazil plans to creates a blockchain system that might able the law enforcement to identify many transactions. This newly formed Blockchain is known as Brazilian Blockchain Network. However, I am not sure how effective it will be when it comes to tracing main cryptocurrencies and altcoins.

 

[fiery phoenix]

I guess that we are still much far away from the time when the paper money will become obsolete. This is because the real issue here is that the fiat currencies are owned by the state and state needs these currencies to survive. I am not saying that it is not possible for a state to survive through digital currencies. However, creating such kind of digital network and channel of digital assets with take a very long time, especially in many developing countries.

Thats why the developed mostly are the countries pressing on making native digital crypto.The only developing countries to have made digital currencies are Nigeria and Jamaica.
Paper money is still very much here to stay,and I think taking it out of the equation will take a lot of technology upgrades for smooth running of everything

 

[Josemendez]

I believe that adoption of cryptocurrencies by Brazil is a very tough decision to make for the Brazilian government. Since money laundering is a major concern, Brazil has to wisely adopt the right kind of policies in order to regulate cryptocurrencies. Having said that, I have been reading that Brazil plans to creates a blockchain system that might able the law enforcement to identify many transactions. This newly formed Blockchain is known as Brazilian Blockchain Network. However, I am not sure how effective it will be when it comes to tracing main cryptocurrencies and altcoins.

Wow , seems that the government of Brazil are seriously taking drastic measures towards Cryptocurrency transaction but the truth is that with presence of non custodial wallet , it will be difficult for them to trace the transaction. The only time they can get to know about cryptocurrency transaction is when one withdraws to fiat but with peer to peer transaction, it will be difficult for them to trace this.

 

[Horia_10]

The fiat transactions are definitely necessary because they help the common man some countries have even banned forex which is a big news as their foreign reserves continue on sinking the best way at this moment is to invest in products like gold and medicines which will go higher over time .

 

[Ben Kempton]

Thats why the developed mostly are the countries pressing on making native digital crypto.The only developing countries to have made digital currencies are Nigeria and Jamaica.
Paper money is still very much here to stay,and I think taking it out of the equation will take a lot of technology upgrades for smooth running of everything

There are many other reasons why it is not so easy to implement cryptocurrencies as a regular payment method. One such big challenge is illiteracy. I also live in a developing country and many people hardly know how to use smartphones. I am sure that they will have a pretty harder time understanding how cryptocurrencies work. This is why fiat currencies are not going anywhere in the future.

 

[fiery phoenix]

There are many other reasons why it is not so easy to implement cryptocurrencies as a regular payment method. One such big challenge is illiteracy. I also live in a developing country and many people hardly know how to use smartphones. I am sure that they will have a pretty harder time understanding how cryptocurrencies work. This is why fiat currencies are not going anywhere in the future.

Well said,illiteracy is high in many countries,lets not talk about Pakistan its far much better than many African countries.Literacy is a problem and it also goes in hand with ignorance,if I am too tell someone I just met on the street about crypto,they will quickly say its a scam,or laugh at me or tell nothing can't be that easy or its too good to be true.But if you tell someone on the street in the US or Canada or any of those first tier nations its an easy go understanding the person will have.Sometimes its just that some people want to stay old school amd don't want to brace new innovations and technology being unchanging

 

[Skysaint]

Hopefully, this plays out to be a reality. It's actually a good step in the right direction because atleast, it shows that they are still interested in the idea of cryptocurrency and would want it to operate in their country and system.
I just wish a country like mine will learn from this and legalize the transaction in cryptocurrency.