A law to monitor and control Bitcoin and other cryptocurrencies is rumoured to be in the works and could be discussed at the Chamber of Deputies in the coming days.
Brazilian policymakers are seeking to create a regulatory system that would encourage investments in digital currencies such as bitcoin and curb crypto-related scams
The legislative house recently upheld the blueprint of Bill 2.303 / 15 submitted by Deputy Expedito Netto.
However, Solidariedade Party Deputy Aureo Ribeiro has recommended a revamped draft that would grant Bitcoin legal standing as a “payment currency” in the country.
The crypto industry in Brazil is largely unregulated, as such, the use of digital currencies as a means of exchange is unpopular amongst natives.
“We want to separate the wheat from the chaff, create regulations so that you can transact, know where you are buying, who you are trading with, and have this asset to buy a house, a car, [or] go to McDonald’s to buy a hamburger,” Ribeiro told Radio Cámara during an interview.
“It will be a currency in the country just like it is in other countries,” seemingly referring to bitcoin’s adoption as a legal tender in El Salvador.
Although there’s no provision in the bill for bitcoin to be utilized as a legal tender, it could change the norm and stimulate a swift increase in the country’s crypto adoption rate.