In a nutshell, the bill wants to introduce a system that would allow better monitoring of cryptocurrency trade and prevent tax avoidance and fraud. If the legislation is passed, cryptocurrencies will no longer regulate frequent flyer programmes and it will modify the definition and nomenclature of virtual assets. The bill would also increase the penalties for the use of cryptocurrencies for money laundering, scams and pyramid schemes, the latter having become common fraud in Brazil.
The bill, which was initially proposed by Ribeiro in 2015 and needs to be approved by deputies and the Senate before becoming law, proposes the regulation of cryptocurrency exchanges and businesses by requiring them to register with an as yet undetermined federal authority. In fact, Brazil’s Central Bank president Roberto Campos Neto said last week that his institution will first regulate cryptocurrencies as an investment and only afterwards as a means of payments due to overwhelming consumer demand for the investment use case, the Brazil Crypto Report said. This bill has been in development since 2015 and giving bitcoin the status of 'legal tender' is something that has never even been considered in Brazil. What does Brazil’s crypto bill actually say?Ĭontrary to the rumours circulating online, what Brazil’s ‘Bitcoin bill’ is proposing is the regulation of cryptocurrencies – not the establishment of bitcoin as legal tender, something that is not mentioned anywhere in the proposed legislation.ġ) First of all, the bill DOES NOT make any mention of bitcoin becoming a legal tender in Brazil. “…with this asset you will be able to buy a house, a car, go to McDonald’s to buy a hamburger, it will be a currency in the country as it happened in other countries,” Ribeiro was quoted in Livecoins.Īs Saori Honorato, a journalist at Portal do Bitcoin, noted on Twitter in an attempt to stop the spread of the false information, Ribeiro was expressing his personal opinion rather than affirming that the bill will make bitcoin or any other cryptocurrency legal tender in Brazil. In fact, Ribeiro said that people in Brazil would soon be able to use bitcoin for daily purchases – not that the cryptocurrency would become legal tender.
The reports turned out to be inaccurate, however.
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