São Paulo authorizes the use of Bitcoin and cryptocurrencies in the share capital of companies.

A notice sent to users of the Birigui regional office of the São Paulo Commercial Registry recorded a new fact for companies: from now on, bitcoin and cryptocurrencies can be used to contribute to the share capital.

The news was announced this Tuesday (20) to all offices by the Secretariat for Economic Development, Science, Technology and Innovation of the State of São Paulo.

In practice, there has been an update in the understanding of what can be used as share capital, and it represents a new option for entrepreneurs.

For the purposes of registering business documents, there are several rules that must be followed according to the regulations of each business board. In a company with R$ 10,000 in capital, for example, the amount can be contributed to the company with cash or assets such as real estate or even cars.

A printing company might have five printing machines as the value of its company capital. With this new understanding, bitcoin could be used in the same way.

Even if a company is already formed with a certain type of capital, it can be changed to include cryptocurrencies.

Source: UOL Portal