Brazil approves bill to legalize crypto payments

Lawmakers in Brazil, the largest economy in Latin America, have approved a bill that legalizes cryptocurrencies like bitcoin ( BTC-USD ) and ethereum ( ETH-USD ) as a payment method in the country, potentially paving the way for increased token adoption. The legislation, which still requires the President's signature before it becomes law, was passed by the country's Chamber of Deputies on Tuesday after getting approved by the Senate in April. Unlike El Salvador, which became the first country to make bitcoin ( BTC-USD ) legal tender last year, Brazil's bill does not make any crypto legal tender in the South American nation. In the definition of payment methods, the bill includes virtual currencies and air mileage programs under the supervision of Brazil's central bank, according to the document. The move comes at a time when cryptos trade at depressed levels from last year's all-time highs, as the ecosystem deals with the fallout from crypto exchange FTX. In a broader risk-on day, bitcoin ( BTC-USD ) perked up 2.5% to $16.80K as of shortly before 9:00 a.m. ET, compared with its November 2021 peak of $68.9K. Ether ( ETH-USD ), meanwhile, gained 4.4% to $1.26K, down from $4.81K at around this time a year ago. See why Seeking Alpha contributor Victor Dergunov thinks bitcoin is close to bottoming out .