The Brazilian House of Representatives Special Committee publishes the Bitcoin Regulatory Bill to legalize the use of $ BTC in the country. The country’s deputy federal minister, Aureo Ribeiro, has described Bitcoin as a global currency with the potential to change the lives of millions of people.
Brazil issues bill to regulate Bitcoin ($ BTC)
The recognition of Bitcoin by the Brazilian Parliament is a major breakthrough on the road to global adoption as the country is the ninth largest economy in the world.
Most of the bill, however, focuses on tightening the rules for crypto-related offenses, with penalties increased to two-thirds. Previously, cryptocurrency laundering was punished with 6-10 years in prison, but when the new regulation comes into force, this will increase to 16 years. The adopted draft law is now analyzed by the plenary session of the chamber before it is implemented.
“The new cryptocurrency regulations represent scams in the provision of services for virtual assets, the definition of virtual assets and the handling of their regulation.”
The deputy federal minister claims the new rules will improve investment opportunities as heavy fines and penalties discourage fraudsters. Ribeiro says:
“The market will rise and correct itself in Brazil. There will be no more profiteers using technology to mislead millions of Brazilians. “
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People in the country are not happy with the crypto regulations as Brazil enacts a law regulating Bitcoin ($ BTC)
Bitcoin proponents in the west call the bill a great sign of the advent of crypto, but Brazilians think differently. One of the citizens responded to a tweet claiming the new regulations were not a good thing as they heavily tax cryptocurrencies and make banks the leaders in rule-setting the market.
“Hello, I am a lawyer from Brazil and I don’t think that’s a good thing. They want to tax crypto and they want the bank to be a pioneer and set the rules. “
In addition to Brazil, Panama has also submitted a bill to legalize the use of Bitcoin and Ethereum in the financial markets. The introduction of Bitcoin as legal tender by El Salvador created a domino effect that caused several other countries such as Brazil, Argentina, and Paraguay to be interested and consider following in the footsteps of the Central American nation.
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