Brazil Introduces Bill to Regulate Bitcoin ($BTC), Citizens Call it Flawed
Brazil’s special committee of the Chamber of Deputies a ‘Bitcoin Bill‘ to legalize the use of $BTC in the country. The Federal Deputy of the country Aureo Ribeiro called Bitcoin a worldwide currency with the potential to change millions of lives.
Brazil 🇧🇷 presented a bill to regulate #Bitcoin:
Bitcoin is a worldwide currency that will change the lives of millions
– Federal Deputy Aureo Ribeiro pic.twitter.com/8OCoNbgWTh
— Blockworks (@Blockworks_) October 4, 2021
The recognition of Bitcoin by the Brazilian parliament is a big breakthrough towards global adoption as the country is the ninth-largest economy in the world.
The majority part of the bill however was focused on tightening regulations around crypto-related crimes where the penalty has been increased by two-thirds. Earlier, crypto money laundering was punished with 6-10 years of imprisonment, but with new regulations coming into effect, it would increase to 16 years. The approved bill would now be analyzed by the Plenary of the Chamber before being implemented.
“The new crypto regulations typify the crimes of fraud in the provision of services of virtual assets, creates the definition of virtual assets and deals with its regulation.”
The Federal Deputy claimed new regulations would improve investment opportunities as heavy fines and punishments would deter scammers. Ribeiro said,
“The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians”
Brazilians not Happy With the Crypto Regulations
Bitcoin proponents in the West called the bill a great sign of crypto adoption, but Brazilians think otherwise. One of the citizens responded to a tweet claiming the new regulations are not a good thing as they levied heavy taxation on crypto and made banks the leader to make rules of the market.
“Hi, I’m a lawyer from Brazil and I don’t think it’s a good thing. They want to tax crypto and They want to the bank be the leader and say the rules. “
Hi, I’m a lawyer from Brazil and I dont think its actually a good thing. They want to tax crypto and They want to the bank be the leader and say the rules. This were In discussion last week
— Valéria Garcia (@garotacrypto) October 4, 2021
Apart from Brazil, Panama also introduced a bill to legalize the use of Bitcoin and Etheruem in the financial market. El Salvador’s Bitcoin adoption as a legal tender has created a domino effect leading to several other nations such as Brazil, Argentina, Paraguay take an interest and think about following in the footsteps of the Central American nation.