This morning, brazil's parliament approved a proposal to recognize and regulate bitcoin as a means of payment method.
On Nov 30, The Latin American country Brazil's parliament made voting on a draft proposal to recognize and regulate Bitcoin both as a payment method as well as a digital investment asset. The majority voted in the favor of the bill and it has been approved by their parliament. Now they just needed it to get signed by their president to make it an official law in their country. The bill says that the exchanges are needed to look for some specific rules to be allowed access to the Brazilian market.
This means a lot for the global crypto community and is a huge step towards global cryptocurrency adoption. We have already witnessed the faith toward the decentralization monetary ecosystem shown by many countries such as El Salvador, building their own bitcoin city. The global community believes that cryptocurrencies are highly secure, transparent and can help in achieving a truly decentralized world ranging from Gaming to Finance and Entertainment to Social Media. Also this year, Instagram, a company of Meta integrated NFTs buying, selling and storing support natively in their social app.
After the news came out regarding Brazil's acceptance of Bitcoin, it jumped about 2.8% and is trading at $16,840 at the time of writing this article.