Brazil is about to vote on a cryptocurrency regulation bill. The bill will probably be put forward to the Chamber of Deputies’ Plenary in the coming days. Bill 2.303/15, which covers cryptocurrencies, would legalize their usage.
Brazil might adopt Bitcoin as a payment method
Bitcoin might be legally recognized in Brazil, according to Federal Deputy Aureo Ribeiro, and individuals will be able to purchase houses, automobiles, and even food with Bitcoin soon.
Ribeiro has suggested that the Brazilian Bitcoin Law might serve as a model for other nations looking to regulate cryptocurrency. Ribeiro said he wants to control Ponzi schemes and protect people in all states with the passage of this legislation. He added that the bill has the backing of the government, and it had previously been discussed with the president of the Chamber of Deputies, Arthur Lira.
According to the latest research, 48% of Brazilians are in favor of the use of Bitcoin, while 21% are opposed. Lately, the President of El Salvador shared a video showing the Bitcoin mining project of the country.
Penalties for crypto-related offenses will be increased in Brazil
The Brazilian government is working to establish nationwide cryptocurrency regulations. The fines for crypto-related money laundering would rise from one-third to two-thirds of the amount laundered. Furthermore, the maximum custodial sentence for such offenses would rise from 10 years to more than 16 years.