LatinNews Daily - 23 December 2022

* Brazil’s President Jair Bolsonaro has promulgated a law regulating cryptocurrencies, which recognises these as “a digital representation of value that can be sold or transferred by electronic means and used to carry out payments or for investment purposes”. The law also establishes new penalties for those who use cryptocurrencies for criminal purposes. It states that the cryptocurrency market will be overseen by a federal body to be selected by the president, which is widely expected to be the central bank (BCB). The new legislation will come into force in 180 days.

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