On Tuesday, April 12, Brazil’s Senate economic affairs committee approved a bill that would regulate cryptocurrencies in the country and bring them into the country’s legal framework. The move is expected to provide more clarity for the crypto space in Brazil, but it will still take some time for the bill to become law.
The crypto bill, which was first proposed in 2019, has finally passed by the Brazilian Senate affairs committee yesterday. The bill will now go to Congress for approval. The crypto bill still needs to be approved by President Jair Bolsonaro before it can become law. If it is enacted, Brazil would become one of the first countries in the world to have specific regulations for cryptocurrencies. The passage of the crypto bill is a positive development for the industry, as it would provide more clarity and certainty around regulation.
What does it mean for cryptocurrencies if the bill is approved?
If approved, virtual currencies can be recognized as a legitimate form of payment if they are considered “digital representations of value that are transferred electronically and can make payments.”
The bill provides a regulatory framework for crypto businesses and exchanges operating in the country. It also includes provisions for combating money laundering and terrorism financing using crypto assets. This is a major development for the crypto industry in Brazil, and it is likely to attract more businesses and investors to the country. The crypto bill is a positive step forward for the adoption of digital currencies in Brazil
The article’s writer Noah Jones did not hold any positions in assets or companies mentioned in this article on the date of publication. His opinions are articulated herein, and the reader accepts that some opinions could change as a result of newer information being revealed.
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