The law introduces the definition of a virtual asset as "a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment." Thus, the legitimacy that BTC gains as a means of payment can stimulate financial activity in the country.

But the level of this activity will depend on the actions of the local regulator. It is expected that these functions will be shared by the Securities and Exchange Commission, which will be responsible for crypto assets classified as securities, and the Central Bank, which will be responsible for all other cryptocurrencies.

Did you know that the new law criminalizes fraud using digital currencies? This is punishable by a fine and two to six years in prison.

In addition, crypto companies are required to obtain virtual asset service provider licenses.

However, since the law will come into force 180 days after its signing, it will not really be in force until June 20, 2023. That is, until then, bitcoin is not actually an authorized means of payment.