Brazil

Cryptocurrencies, including Bitcoin, are permissible in Brazil for the procurement of goods and services. No existing laws or regulations explicitly forbid their use. However, they are not recognized as legal tender, which means that businesses are under no obligation to accept them as a valid form of payment.

The lack of a comprehensive framework for businesses to document cryptocurrency transactions, including details like the date, transaction value in Brazilian reais (Brazil's native currency), transaction purpose, and party details, presents an element of uncertainty and risk. These risks could potentially involve tax implications, legal disputes, or fraud for both merchants and customers utilizing crypto payments.

To bridge this regulatory gap, Brazil's Congress has passed a bill aiming to regulate cryptocurrency usage for payments throughout the country. This development could significantly propel the integration of digital assets within this South American nation's economy.

While the bill legitimizes the use of cryptocurrencies as a mode of payment for goods and services, it doesn't afford them the status of legal tender. Consequently, if desired, banks could potentially initiate offering services centered around crypto payments. This could catalyze the utilization of cryptocurrencies for common transactions, paralleling the current use of credit cards and similar services.