Brazilian Senate Announces Imminent Approval of Bitcoin

Key Takeaways 

  • Brazil will accept Bitcoin soon.
  • It also mentions three clauses that will help develop the crypto market in the country. 

The acceptance of Bitcoin by several states and countries points that it is slowly getting introduced into the mainstream. On April 11, a newspaper named Valor Economico published that the National Congress is intending to approve a law that will regulate the cryptocurrency market in Brazil within the first half of the year. 

This bill has been attached to another already approved bill that was also crypto-centric. The menu of the bill reads, “Disciplines services related to operations carried out with crypto-assets on electronic trading platforms.” Debates regarding this bill have been going around since 2015 and have finally received approval in the first round of selection. 

The rapporteurs of the bills, Senator Iraja Abreu and Deputy Aureo Ribeiro are already drafting a unified text of the bill for a full Senate vote. Rodrigo Pacheco, the president of the Senate will be utilizing the bill for an April plenary vote. However, unlike in El Salvador, its approval won’t give Bitcoin the status of a legal tender. 

The bill highlights three things. Firstly, its approval will give to the President the right to elect a federal organization to set rules for the crypto market in the country. It is also mentioned that any individual found committing any illicit activities or fraud will be sentenced to jail for four to eight years and will also have to pay a fine. Lastly, to attract crypto miners to the country, the bill mentions a group of incentives for months who will set up their shop in Brazil. 

Brazil’s acceptance of Bitcoin will be a huge success for the crypto community. 

Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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