CRYPTO NEWS

Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment

brazil

A new bill presented in Brazil is trying to introduce bitcoin and other cryptocurrencies as an approved means of payment in the country. The bill, presented by Federal Deputy Paulo Martins, proposes to amend already existing regulations to include several dispositions that would allow cryptocurrency payments and investments to be officially supported.

New Bill Proposes to Legalize Crypto for Payments in Brazil

Brazil is one of the countries in Latam that has been making advancements when it comes to cryptocurrency regulation in the last year. Now, a new bill has been proposed in the Brazilian Congress that seeks to introduce bitcoin and other cryptocurrencies as a supported means of payment. The bill, which was presented by Federal Deputy Paulo Martins, proposes to reach this goal by altering already existing Brazilian laws, including the civil procedure code, introducing some definitions and changes.

If approved, the bill would introduce disposition XIV in article 835 of the Civil Procedure Code, which reads:

Crypto assets, understood as digital representations of value that, not being currency, have their own unit of measure, traded electronically through the use of cryptography and within the scope of distributed ledger technologies, used as a financial asset, means of exchange or payment, an instrument of access to goods and services or investment.


Crypto Collection by Courts

The bill would also introduce the option of collecting and paying debts with crypto via the courts, defining explicitly the steps that must be taken to use this tech. First and foremost, the bill safeguards the private keys of the users, clarifying that the courts will not have access to these in any case. To cancel a debt with cryptocurrencies, the debtor would have to deposit the desired cryptocurrencies to the wallet of the specific court.

In the case of a debt collection, the courts will coordinate with intermediaries that will then proceed to block the crypto assets of the debtors to ensure they fulfill their obligations. However, the bill does not define procedures in the case that there are no intermediaries holding the funds, meaning that the assets are in a self-custody wallet.

This is part of the efforts of national regulators to establish clear norms for the use of crypto on Brazilian soil. Another cryptocurrency bill has already been discussed and approved by the Brazilian Senate and is expected to be approved by the deputy chamber of the congress in the coming months.

What do you think about the new cryptocurrency bill present in Brazil? Tell us in the comments section below.

Does Solana’s token SOL have a bullish case after recent gains?

Solana’s SOL has recovered from the bottom of $32. Solana is touted as an Ethereum killer, but frequent network issues are a concern. Price is yet to find lasting bullish momentum as resistance at $42 keeps it lower. As most cryptocurrencies trade at multi-year lows, price bottoms are perfect buying opportunities. Solana SOL/USD, one of::Listen

  • Solana’s SOL has recovered from the bottom of $32.

  • Solana is touted as an Ethereum killer, but frequent network issues are a concern.

  • Price is yet to find lasting bullish momentum as resistance at $42 keeps it lower.

As most cryptocurrencies trade at multi-year lows, price bottoms are perfect buying opportunities. Solana SOL/USD, one of the booming cryptos in 2021, trades at $32. The price is significantly below its all-time highs of above $250. The cryptocurrency traded at $42 some days ago, a significant jump from the lows of $26. Now, SOL seems to have been trapped below a resistance at $42. 

To see a lasting recovery in price, SOL needs to break above $42. Although the price seems to have broken above the downtrend, SOL remains bearish. The bear weakness in SOL emanates from the general market and the network’s shortcomings.

Solana is often touted as Ethereum’s killer. The labeling comes from its similarities to Ethereum while offering a more scalable ecosystem. The ecosystem also offers faster and less expensive transactions compared to Ethereum. The prior year’s gains underlined the trust that Solana had built in the blockchain industry. However, several hacks and network outages have accelerated SOL’s market weakness. Besides the sector weakness, Solana needs to address network issues to compete with Ethereum.

SOL technical analysis shows waning bullish momentum

Source – TradingView

On the shorter 4-hour time frame, SOL is under pressure after failing to break past $42. The weakness underlines the lack of directional move for the token. An RSI of 25 suggests the token is currently oversold. However, there is still room to move lower as the next support stands at $26. As long as the bear crypto market continues, SOL will remain trapped below $42. We cannot rule out a break below the $26 support.

Summary

Solana’s SOL is bearish. The token failed to break past $42 and is going lower. The next level to watch is $26, but the price can break lower.

The post Does Solana’s token SOL have a bullish case after recent gains? appeared first on CoinJournal.

Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment

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