On Dec. 22, Brazil officially enacted a Bitcoin (CRYPTO: BTC) bill that is intended to provide a complete regulatory framework for trading and using Bitcoin within the country. While the bill does not officially make Bitcoin "legal tender" within Brazil, it makes it significantly easier and more attractive to use Bitcoin as a form of payment or as an investment asset.

Obviously, the fact that Brazil, which now has the 12th-largest economy in the world as measured by GDP, appears to be embracing Bitcoin could be a major development in the global adoption of crypto. With that in mind, let's take a closer look at what the bill does -- and does not -- offer, and what it could mean for Brazil.

The new Bitcoin bill establishes regulatory clarity and certainty for businesses and individuals within Brazil who wish to use Bitcoin. Currently, Bitcoin is not banned in Brazil, so the bill is not going to open the floodgates to new users. Rather, its greatest benefit might be attracting businesses and individuals who are on the fence about crypto. If businesses want to accept Bitcoin, for example, they will not have to worry about falling into a "gray area" where nobody really knows the rules of the game.

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Source Fool.com