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Brazil is ready to accept Bitcoin

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Crypto News

The bill regulating Bitcoin is due to be brought to plenary session of the Chamber of Deputies in the next few days. According to Federal MP Aureo Ribeiro, Brazilians will soon be able to buy houses, cars and even McDonald’s with Bitcoin once his law is approved, which is about to happen.

This was announced at the end of September, when a decision was made to approve the bill. With this phase going well, the next step in the Bitcoin approval chain is consideration during the plenary session of the Chamber of Deputies.

As stated by Aureo Ribeiro, he is pleased with the approval of the “Bitcoin law”. The congressman is confident that this is an important project for Brazil related to cryptoeconomics, which, as can be seen from the first stages of the bill’s promotion, will be approved.

He said that Brazilians are facing Bitcoin in many places, being able to buy, sell and invest in the sector. However, Aureo stressed that the market is not regulated and therefore has no legal recognition. He said he was confident that with the approval of his “groundbreaking” text, several countries would copy Brazil’s regulatory model.

When asked what will change in the law on cryptocurrencies, the parliamentarian believes that the country is becoming a benchmark for new foreign investment.

In addition, pyramid schemes with cryptocurrencies will be clearly subject to regulation and make it difficult for them to spread throughout the country.

Recently, all kinds of financial scams and schemes, based on the use of cryptocurrency and Bitcoin technologies, have been especially activated. For example, Atlas Quantum and Bitcoin Banco Group, caused multimillion-dollar damage to the population, and were a completely uncontrolled segment of the market. The bill initiated by Ribeiro should take this direction into account as well.

According to Aureo Ribeiro, the bill regulating cryptocurrencies should be submitted to the plenary session of the Chamber of Deputies within the next few days, meaning Bitcoin could still be recognized by Brazil in 2021. According to him, the law enjoys the support of the government and has already been agreed with the President of the Chamber of Deputies, Arthur Lira (PP-AL), so there are no barriers to its approval.

Thus, if Bitcoin becomes the legal tender in Brazil, then it will serve as additional proof that cryptocurrency is in no way inferior to standard financial instruments, and even superior to them.

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Author: Vadim Gruzdev, analyst at Freedman Сlub Crypto News

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