Brazil’s federal deputy has signalled the nation’s plans to offer official currency recognition to Bitcoin. While being interviewed by local Brazilian media, Aureo Ribeiro stated Brazilians would soon buy real estate, cars, and fast food with Bitcoin. Bill 2.303/15, the cryptocurrency regulating legislation, could give a green signal to using Bitcoin as a legal payments currency, just as El Salvador.
So, Bitcoin could be poised to earn a regulated currency regulation for payments in Brazil. As per federal deputy Aureo Ribeiro’s statements, a potential passing of Bill 2.303/15 would garner new retail market crypto use cases to Brazilian crypto holders.
The Brazilian “Bitcoin Law” is approved. It is set to be presented in the Plenary of the Chamber of Deputies. Ribeiro believes the Bitcoin Law could act as a guidance for various other jurisdictions. Countries intending to regulate digital assets could benefit from it, considering its “innovative” text. The text of the law was discussed intensively for years to prepare it with due recognition of Bitcoin as a government regulated asset. The federal deputy clarifies to be working with the Central Bank and the CVM—considering the probable use cases.
Aureo Ribeiro is equally mindful about the probable impact of the said law in regards to protecting citizens from crypto Ponzi schemes.
Brazilians falling prey to such scams has been a common instance. Cryptocurrency companies in Brazil still don’t come under the purview of the authorities. With this law, though, Ribeiro states the government would:
Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with.
The federal deputy confirms to have the law duly discussed with the president of the Chamber of Deputies, Arthur Lira.