Good news! But before it becomes applicable, it still needs 5o be signed by the President. Then only it will become effective in Brazil. So wait a little before the actual celebration.
Also I see that cryptocurrency is classified as an investment asset class. So Brazilians should seek further clarifications on how it will be taxed. Investment assets are usually taxed based on the gains made and also the timeframe is considered for calculating taxes. So little bit of grey area is still there. But net positive, I must say!
This is indeed exciting news. Brazils use of Bitcoin as a means of payment also means that the government will increase supervision in this regard to prevent criminal groups from using Bitcoin as a tool for illegal activities. For the Brazilian people, they can effectively protect their private assets. Although the volatility of Bitcoin is still relatively large, in the long run, it is undoubtedly a huge improvement in the decentralized world.