Brazil’s House of Representatives special committee has passed a ‘Bitcoin Law’ to legalize the use of Bitcoin in the country. The country’s Federal MP, Aureo Ribeiro, described Bitcoin as a worldwide currency with the potential to change millions of lives. It is also thought that the regulation may impose large tax liabilities. A local lawyer, who shared his thoughts on Twitter, said that cryptocurrencies will be taken under bank control and subject to heavy taxes…
A giant step for the global adoption of Bitcoin (BTC)!
The recognition of Bitcoin (BTC) by the Brazilian parliament is a major breakthrough for global acceptance as the country is the ninth largest economy in the world. However, much of the bill has focused on tightening regulations on crypto-related crimes, where the penalty has been increased by two-thirds. Previously, crypto money laundering was punished with 6-10 years in prison, but with the new regulations that came into force, this period would increase to 16 years. The approved bill will be reviewed by the General Assembly of the Chamber before it is implemented. Federal MP Aureo Ribeiro said:
The new crypto regulations symbolize fraudulent crimes in the provision of cryptocurrencies, establish the definition of cryptocurrencies and deal with its regulation.
The Federal MP claimed the new regulations would improve investment opportunities as heavy fines and penalties would deter scammers. Ribeiro also added:
The market (Crypto) will move forward and adjust in Brazil. No more profiteers using technology to deceive millions of Brazilians.
Brazilians are not happy with crypto regulations!
Bitcoin advocates in the west have described the bill as a great sign of crypto adoption, but Brazilians think otherwise. One of the citizens responded to a tweet claiming that the new regulations are not a good thing as the new regulations impose heavy taxes on crypto and make banks leaders in setting the rules of the market. The following was discussed during the day:
Hello, I’m a Brazilian lawyer and I don’t think this is a good thing. They want to tax crypto and they want the bank to be the leader and say the rules.
Apart from Brazil, Panama also introduced a bill to legalize the use of Bitcoin and Etheruem in the financial market. El Salvador’s adoption of Bitcoin as a legal tender has created a domino effect that has attracted the attention of many other countries such as Brazil, Argentina, Paraguay, and the Central American nation to consider following in its footsteps.
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