Convert Bitcoin (BTC) to Brazilian Real (BRL)
How much does bitcoin cost in Brazil? CoinClaro’s Bitcoin to Brazilian Real currency converter is designed to give you real-time currency calculations for any input. You can change either Bitcoin quantity or Brazilian Real quantity to calculate the real-time exchange-rate value. See the price of bitcoin in brazil now:
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Daily Bitcoin to Brazilian Real Conversion History
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Brazilian Real (BRL) Macro Performance (3 years)
The Brazilian real has lost value against the US dollar over the last three years. In January 2019, 1 Brazilian real was worth approximately 0.42 US dollars. As of July 2022, 1 Brazilian real is worth about 0.19 US dollars. This represents a decline of roughly 54% over the last three years.
Several factors have contributed to the decline of the Brazilian real. These include:
- High inflation: Brazil has been experiencing high inflation in recent years. In 2022, inflation is expected to reach 11.7%, the highest level in 5 years. This high inflation has eroded the value of the Brazilian real.
- Political uncertainty: Brazil has been experiencing political uncertainty in recent years. In 2018, President Jair Bolsonaro was elected in a close election. Bolsonaro is a controversial figure, and his policies have been met with mixed reactions. This political uncertainty has also weighed on the Brazilian real.
- Weak economic growth: Brazil’s economic growth has been weak recently. In 2022, the economy is expected to grow by only 0.5%, which is the slowest pace of growth in 10 years. This fragile economic growth has also contributed to the decline of the Brazilian real.
It is still being determined whether the Brazilian real will continue to lose value against the US dollar. However, the factors that have contributed to the decline of the real in recent years are likely to continue to weigh on the currency.
In the past three years, exchanging the Brazilian Real for Bitcoin yielded substantial gains due to Bitcoin’s growth and the Real’s depreciation. Thus, the price of Bitcoin in Brazil has been on the rise. However, past performance doesn’t guarantee future results.
Bitcoin in Brazil’s Legal Status
The legal outlook for Bitcoin in Brazil is evolving. In December 2022, the Brazilian Congress approved a bill regulating Brazil’s crypto market. The approved text brings ideas, resolutions, and guidelines for providing services related to virtual assets, such as payments in cryptocurrencies.
The bill does not make Bitcoin legal tender in Brazil, but it provides a legal framework for trading and using Bitcoin. The bill also establishes a new regulatory agency, the Brazilian Securities and Exchange Commission (CVM), responsible for overseeing the crypto market.
The bill is still subject to presidential approval but is expected to be signed into law. Once the bill is law, it is expected to provide greater clarity and certainty for businesses and investors involved in the crypto market in Brazil.
The legal outlook for Bitcoin in Brazil is positive. The government is taking a cautious approach to regulating the crypto market but also recognizing the potential benefits of Bitcoin and other cryptocurrencies. The bill’s passage in December 2022 is a significant step forward, and the legal framework for Bitcoin in Brazil will likely continue to evolve.
Here are some of the critical provisions of the bill:
- Definition of virtual assets: The bill defines virtual assets as “digital representations of value that can be negotiated or transferred electronically and used for payments or as an investment.”
- Regulatory framework: The bill establishes a regulatory framework for the crypto market, including creating a new regulatory agency, the CVM.
- Consumer protection: The bill includes provisions for consumer protection, such as requiring crypto exchanges to provide clear information to customers about the risks involved in trading cryptocurrencies.
- Taxation: The bill includes provisions for the taxation of cryptocurrency transactions.
The bill’s passage is a significant step forward for the crypto market in Brazil. It provides greater clarity and certainty for businesses and investors involved in the crypto market, and it is likely to lead to increased adoption of Bitcoin and other cryptocurrencies in Brazil.
