Brazil to Approve Bitcoin as Regulated Currency Soon: Federal Deputy

6 October 2021 | Updated: 6 October 2021

According to a Brazil federal deputy, Aureo Ribeiro, Bitcoin (BTC) could soon become a recognized currency for payments in Brazil. Ribeiro noted that the potential approval of Bill 2.303/15, which focuses on cryptocurrency regulation, will create new uses for crypto holders, including purchasing houses, cars, and other products.

These comments come following the approval of the Brazilian “Bitcoin Law” for presentation in the Plenary of the Chamber of Deputies, following a protracted developmental period. Ribeiro asserted that this drafted law could serve as a template for other countries exploring ways to regulate digital assets due to its innovative nature. The federal deputy added that:

“We debated a few years there to arrive at a text that recognizes this asset…which will be regulated by a government agency, because we will work with the Central Bank and the CVM, depending on how this asset will be recognized, such as real estate value or currency of daily use.”

Fighting Ponzi Schemes in the Brazil Crypto Space

Ribeiro also expressed his optimism about the potential advantages of this law in protecting citizens from Ponzi schemes in the crypto sector. Over the years, numerous Brazilians have fallen victims to several crypto scams, with the authorities claiming down on several promoters of alleged Ponzi schemes in 2021.

That said, digital assets remain an obscure sector in Brazil, and authorities have a limited scope in regulating crypto companies. Ribeiro stressed that with this law, the government intends to:

“Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with.”

Finally, the federal deputy revealed that the Law project had received support from the government and has gotten discussed with Arthur Lira, president of the Chamber of Deputies. Ribeiro believes that the law will get approved with time.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.