Brazilian lawmakers are trying to make Bitcoin a legal payment option

Brazilian lawmakers are trying to make Bitcoin a legal payment option after working on a bill to regulate BTC and other cryptocurrencies, which is expected to be tabled for competition in the House of Representatives in the next few days. So keep reading on our latest bitcoin news today.

Brazilian lawmakers are working to create a regulatory framework that will make it easier to invest in BTC and other cryptocurrencies while still making it more difficult for scammers and hackers. The Brazilian legislature has passed Bill 2.303 / 15, which provides for the regulation of digital currencies, originally introduced by the deputy Expedito Netto. Now, however, Deputy Aureo Ribeiro has submitted an updated draft aimed at giving BTC legal status as a domestic payment currency.

Bitcoin is not regulated in Brazil and its use in commerce is discouraged, but the new law, if passed, could give BTC legal status for the first time. The bill prevents BTC from being recognized as legal tender, although it remains unclear how the payment currency will be defined under the new law. Riberio suggested that the bill could provide Bitcoin with the same legal protection to be accepted in Brazil as fiat currencies such as the US dollar or the Brazilian real. Ribero said in an interview:

“We want to separate the wheat from the husk, create regulations so that you can trade, know where you shop, who you are dealing with, and have this capital to buy houses, cars, [or] went to McDonald’s to buy a hamburger. It will be a domestic currency, just like in other countries. “

Ribeiro’s bill would replace a proposal originally submitted by Deputy Secretary Expedito Netto, but would expand the bill and clarify controversial issues, including the exemption of “bonus points” from the definition of virtual assets. Brazil is one of the most advanced countries in the world thanks to the availability of crypto-focused investment products. The exchange lists four crypto ETFs and the HASH1 index fund has become one of the most traded ETFs in the country. People in Brazil can invest in two more Bitcoin ETFs and one Ethereum ETF. There are several mutual funds managed by BLP and Hashdex that are available to individual and professional investors.

Other countries that have approved crypto ETFs include Chile and Bermuda. The Brazilian central bank has even developed a platform that enables free and instant transactions to be made available 24 hours a day, which industry observers see as detrimental to the cryptocurrency’s value proposition.

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