Brazil House Of Representatives Approves Bill to Regulate Cryptocurrencies

On Wednesday, Brazil’s House of Representatives approved a bill to regulate cryptocurrencies such as Bitcoin. The bill had already been under debate for some time and was authored by Aureo Ribeiro, the Federal Deputy. 

The bill was passed after deputies approved the request to go to the plenary urgently. The bill states that companies operating in the crypto sector in Brazil will now have to send additional information to authorities. 

A Rushed Bill?

Deputies had filed a request for the bill to be urgently voted on in the plenary, a move seen as an attempt to rush the bill. The bill was voted on and approved on Wednesday, putting BTC regulation on the agenda. On the other hand, the PSDB and the NOVO Party asked for the bill to be removed from the agenda, with Federal Deputy Paulo Ganine (NOVO-RJ) taking the floor to roundly criticize the hastily resented bill while also filing a request to remove the vote from the agenda. 

A Promising Space

Deputy Ganine stated that the crypto space in Brazil is very promising and that the country’s citizens must be encouraged to participate in the market. The PSDB supported the NOVO party, who pointed out that the regulation needed to be discussed. 

Creating A Legal And Economic Framework

The bill’s author, Aureo Ribeiro, stated that there is nothing new in the bill. He also said that he believed the bill creates a legal and economic framework that could attract foreign investment into Brazil. 

He also cited the case of Cabo Frio to highlight the importance of regulating cryptocurrencies such as Bitcoin. He further stated in his speech, 

“We need to take care of this market and investors. We are voting for a regulation libertarian law. Who wants to create a financial pyramid will be punished.”

The Road Ahead 

The bill was not withdrawn, with 308 votes against withdrawal and only 40 voting in favor. Deputy Expedito Netto (PSD-RO) extended his thanks to those members who kept the bill on the agenda, stating that the bill’s approval was a critical moment. He also said that he was a firm believer in cryptocurrencies and bringing investments into the sector, emphasizing that rules and a framework would only strengthen the space. 

He also stated that he believes the central bank would regulate the crypto market, with the executive handling the bill’s enforcement. 

“We have to give security to those who believe in virtual currencies but put an end to pickpocketing, crimes such as money laundering, among others. Our country is not banana, it is serious, and we are legislating the matter.”

The bill will now be sent to the Federal Senate, where it will be discussed, and if approved, sent to the president for presidential sanction. 

Brazil Pivots Towards Cryptocurrencies 

Brazil has seen significant developments in the crypto space. The country is exploring the possibility of enabling Brazilian workers to be paid in cryptocurrencies, should they choose to be paid in that way. A bill with the very proposal has been submitted to the board of directors of the Chamber of Deputies. 

Visa has also announced plans to introduce a host of crypto-related services to banking platforms in the country. The announcement was made by Eduardo Abreu, Visa’s Vice-President of new business in Brazil. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.