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Monday, October 18, 2021

Brazil, the next domino for Bitcoin?

Thanks to Bill 2.303 / 15, cryptocurrencies could soon become a regulated currency in the country. Lawmakers are also planning to crack down harder on crypto scams affecting hundreds of thousands of Brazilians.

Bitcoin purchases for everyone in Brazil, and tougher laws for scammers as a bonus

Brazilian federal deputy Aureo Ribeiro said in an interview with a local media that the adoption of Bill 2.303 / 15 regulating Bitcoin (BTC) and its cadets, will allow citizens to pay for their purchases in cryptocurrency :

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

This bill is also supposed to protect Brazilians against scams, especially against the Ponzi schemes which have claimed more than 300,000 victims in the country . They would give the authorities the necessary leeway to crack down on scams , the government wishing, according to Ribeiro, to “separate the wheat from the chaff, create regulations so that you can trade, know where you buy, know with whom you are buying. treat. “

The new regulatory framework also aims to combat money laundering more effectively by providing for heavier penalties . The amount of fines goes from one third to two thirds of the money laundered . In addition to the financial penalty, the minimum and maximum prison sentences go from three to four years, and from 10 years to 16 years and eight months. (Also Check: Revelations on Tether (USDT), Celsius threatened?)

Sound crypto regulation in Brazil: a new framework for a new finance

The President of the Central Bank of Brazil, Roberto Campos Neto, spoke in favor of cryptocurrency regulation in August 2021, citing the need to “reshape the world of regulation” given the evolutions of the finance. (More: Multiplication of blockchains: the new DeFi paradigm)

Sound regulations for cryptocurrencies should therefore emerge in Brazil. The CEO of QR Capital had also made an optimistic speech on this subject in July 2021 , telling Cointelegraph that:

“Brazilian regulators recognize the maturation of the cryptocurrency market and understand the importance of offering regulated products to investors eager to explore these new asset classes. “

El Salvador has taken a decisive step in legalizing Bitcoin . Other legislators in Latin American countries are working to do the same. Cryptocurrency purchases in Brazil would only be a matter of time, Ribeiro believes.

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