Thanks to Bill 2.303/15, cryptocurrencies could soon become a regulated currency in the country. In addition, lawmakers plan to crack down harder on crypto scams that hundreds of thousands of Brazilians fall victim to.
Bitcoin purchases for all in Brazil, and tougher laws for scammers to boot
Brazilian federal deputy, Aureo Ribeiro, said in an interview with a local media, that the passage of bill 2.303/15 regulating Bitcoin (BTC) and its cadets, will allow citizens to pay for their purchases in cryptocurrencies:
“We have been debating for a few years to come up with a text that recognizes this asset… which will be regulated by a government agency, because we will work with the Central Bank and the CVM, depending on how this asset will be recognized, such as real estate value or currency of daily use.”
The bill is also supposed to protect Brazilians from scams, including Ponzi pyramids that have claimed more than 300,000 victims in the country. They would give authorities the leeway to crack down on scams, with the government wanting to, according to Ribeiro, “separate the wheat from the chaff, create regulations so you can trade, know where you’re buying, know who you’re dealing with.”
The new regulatory framework also aims to fight money laundering more effectively by having heavier penalties. The amount of fines increases from one-third to two-thirds of the money laundered. In addition to the financial penalty, the minimum and maximum prison sentences have been increased from three to four years, and from 10 years to 16 years and eight months.
Sound crypto regulation in Brazil: a new framework for a new finance
Brazil’s Central Bank President Roberto Campos Neto had spoken out in favor of cryptocurrency regulation in August 2021, citing the need to “reshape the world of regulation” in light of developments in finance.
A sound regulation for cryptocurrencies should therefore emerge in Brazil. The CEO of QR Capital had actually given an optimistic speech on this subject in July 2021, telling Cointelegraph that:
“Brazilian regulators recognize the maturation of the cryptocurrency market and understand the importance of offering regulated products to investors eager to explore these new asset classes.”
El Salvador has taken a major step forward by legalizing Bitcoin. Other lawmakers in Latin American countries are moving to do the same. Cryptocurrency purchases in Brazil would only be a matter of time, if Ribeiro is to be believed.
