Brazil, the South American nation that is famous for its rich culture and the Amazon rainforest, is planning to take a big leap of faith with the crypto industry. The National Congress of the country has currently presented a cryptocurrency bill dealing with the subject of Bitcoin-related regulations in the region. According to the media reports, the majority of the Senate is in favor of the Bitcoin bill.
With the decree of the Bitcoin bill, the Brazilian President will be able to turn it into the law of the land to create a national crypto regulatory agency. Media reports also postulate that the bill will be signed into law before the start of Q3 2022. This legislation has been under consideration in the Chamber of Deputies since 2015.
Economic Affairs Committee
The Bitcoin bill pending in the upper house of the National Congress was able to pass the first rounds of approval recently. It is important to note that Economic Affairs Committee has already added another crypto-related bill through the Senate after approval. For the second round of approval, the bill is sent for a redraft that will unify the contents of both bills by legislators Senator Iraja Abreu and Deputy Aureo Ribeiro.
Senator Iraja recently told the media that both legislative chambers are corresponding regularly to make the process faster. He also claimed that Senate President Rodrigo Pacheco is planning to present the unified crypto bill at a plenary vote before the end of the current month. He further explained that with the latest changes in the bill, the country is planning to make the cryptocurrency regulatory process more efficient.
Around the world, different countries are taking different routes toward cryptocurrency regulations. Last September, El Salvador became the first country in the world to make Bitcoin its legal tender. Since then, many Latin American countries have been aspiring to do the same. However, the Bitcoin bill of Brazil does not plan to reiterate the policies of El Salvador.
The main objective of the Bitcoin bill is to allow the president to create a state-owned cryptocurrency regulatory organization. The centralized crypto regulatory agency will be under the supervision of the Central Bank of Brazil or the local Securities and Exchange Commission. There are also criminal clauses in the bill that can grant a 4 to 8-year prison time to the convicted felons of cryptocurrency frauds. The bill also plans to encourage Bitcoin miners by creating an exception for ASIC imports.