Brazil Close to Regulating Bitcoin

Every day, governments and corporations are getting more familiar with blockchain technology and cryptocurrencies. Back in the day, they continuously called the latter a fraud and a hoax. Today, however, after researching them for years, they are trying to find ways to benefit from them.

On the 8th of December, the Brazilian Chamber of Deputies moved forward a law to regulate Bitcoin. This new law is called Projeto de Lei 2303/15. Furthermore, the main goal of this law is to regulate the cryptocurrency market and digital assets as a whole.

According to Projeto de Lei 2303/15, the Brazilian Central Bank would become the regulator of the cryptocurrency market. However, this proposal is amongst several other laws related to cryptocurrencies. These prior laws are focused on renewable mining. Such laws are giving the citizens of Brazil hope that Brazil could become a new mining leader.

Brazil Close to Regulating Bitcoin

Aureo Riberio, the Creator of Projeto de Lei 2303/15. Source: MoneyTimes

These laws will supposedly regulate the market and clarify several crypto-related things. First off, an answer to the question of what exactly is a cryptocurrency exchange might present itself through a framework. So will the question of what is a violation when it comes to cryptocurrency trading and mining. 

Will Brazil Follow the Steps of El Salvador?

What is more interesting though, is the fact that Brazil’s lower chamber is discussing whether there should be laws to pay legal wages in cryptocurrencies such as Bitcoin. This would be huge for the whole cryptocurrency market. Moreover, this would indicate that Brazil is following in the footsteps of El Salvador.

The new laws in Brazil have been in development for many months now. These laws may be just what the country needed to move forward with the mass adoption of such technology. Moreover, it could help millions of cryptocurrency newcomers join the market easily. According to the Brazilian Central Bank, Brazilians have spent more than $4.27 billion USD in cryptocurrencies during the first half of 2021.

At the time of writing, everyone is waiting for the Senate to approve the bill and continue the next steps towards regulating this market.

Also Read: 

Bitcoin to Skyrocket and Hit $100,000 in 2022 Claims Bloomberg Commodity Strategist

Bitcoin Network Hash Rate is Nearly Above its All-Time High

Steve Hanke Calls El Salvador Bitcoin City an “Absurd Political Stunt”