Brazil on the Partway to Adopting Bitcoin as a Legal Tender

News • 2021/10/07 • tarafından

Key Takeaways

Brazil is set to legalize the use of bitcoin as a legal tender.

The Brazilian House of Assembly has approved the bill seeking to regulate the use of bitcoin.

Bill 2.303/15(Virtual Currency Regulation Bill) currently awaits the assent of The Plenary of Chambers to gain the force of the law.

Cryptocurrencies Regulation: nearer than ever

In his word, "Brazilians will soon have the option of buying real estate, automobiles, and even food from MacDonalds using bitcoin in the nearest future. The idea of regulation seems plausible after the approval of Bill 2.303/15 by The Brazilian House of Assembly a couple of days back.

The only hurdle in the way seems to be the absence of assent by the Plenary of Chambers. Once assent is secured at the chambers, bitcoin will gain the force of the law, making it a legal tender. However, Aureo has opined that there is little to worry about the bill scaling the Plenary Chambers since the government supports the bill coming into law. He also stated that the President of the Chambers of Deputies, Arthur Lira, is currently in the know, and the acceptance of Bitcoin as a means of exchange is only a matter of time.
Aureo Ribeiro believes that with plans on top gear to regulate cryptocurrencies activities within the country, the proposed bill 2.303/15 will constitute a reference point for other countries intending to tap into the opportunities in the crypto-space.

Virtual currency regulation bill 2.303/15 as a means to controlling fraudulent schemes

Aureo Ribeiro believes that cryptocurrencies though fraught with numerous challenges, still possess amazing benefits that the citizenry can tap into, hence the drive for laws that will protect the citizens from cryptocurrencies based scams. According to him, the intent of the government behind the formulation of the law is to:
"Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying from and who you are dealing with."
The virtual bill covers pertinent areas that will ensure more safety and improve the everyday usability of bitcoin. Below are some of the stringent rules in the proposed bills:

The bills imposed penalties on money laundering through cryptocurrencies
It also increased fines to two-thirds on the one-third of the amount of money laundered.
It also increased imprisonment for crypto-based money laundering from 10 years to 16 years.
Also, companies are mandated under the bill to keep proper of transactions performed by customers.

In conclusion, Aureo Ribeiro stated that the journey towards a regulated cryptocurrencies environment is assured. It is only a matter of time, given that major players are already in the know and solidly behind the project's success.