The most populous country in Latin America may soon become the latest to regulate crypto. In other words, authorities hoping that doing so will expand the usage of the digital currency throughout the country.
Among other things, this bill would make Brazil the largest country in Latin America in terms of how it regulates the use of cryptocurrency.
The Senate’s Economic Affairs Committee is likely to pass the crypto bill on February 22, which is when the committee meets. Having a unanimous vote means that the Senate can also vote for or against a bill on the floor of the Senate as well. In other words, President Jair Bolsonaro will be able to sign the law when both the Senate and the House of Representatives have passed it.
People who sell virtual asset-based financial services have to follow the law. Irajá Abreu, a Brazilian senator, said on February 22 that he thinks the bill will help fight cryptocurrency-related financial crimes.
There are many illegal things that the project aims to stop. Money laundering, tax evasion, and a wide range of other crimes are just a few examples. However, this isn’t always the case. There is a legal market that makes up the majority of this market.
The senator who came up with the idea in 2019 told Bloomberg on February 22nd that he still agreed with it. It’s possible to use bitcoins in a lot of places, like at grocery stores and in business. A law like this would let them be used in that place.
The measure, which has been in the works for almost three years, defines a virtual asset (VA). If you’re talking about a broker or an exchange, you want to know who runs it.
The Crypto Bill
In the digital world, bills are things that can be bought or sold and moved. Buy or sell goods with it.
An exchange, also known as a cryptobroker, is a legal business that helps people get access to financial services. In a nutshell, they exchange VA for money, VA for other VA, transfer VA, and keep track of VA.
Brazil will become Latin America’s largest cryptocurrency regulator if this bill passes. El Salvador’s President, Nayib Bukele, has stated that his country wants to be free of the US dollar.
We have no idea what would happen if we began accepting cryptocurrencies. Bitcoin is now available in El Salvador. In September of 2017, the law was amended. Tourism increased by 30% as a result of this.
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