The world’s ninth-largest economy, Brazil is on its way to passing a bill making Bitcoin a legal tender. Talks about the adoption of a digital asset have been going on for quite a few years. But now, finally, Brazil, with a bit of aid from the Central Bank, is on the verge of finalizing the bill.
Brazil’s Federal Deputy, Aurero Ribeiro addressed in an interview that the esteemed citizens of the county will be able to buy cars, houses, and even McDonald’s with Bitcoin soon as soon as the bill gets approved which is set to happen soon as well, he said.
Furthermore, the commission met and voted for the initiative’s approval recently, thus taking the bill to the next stage, the plenary of the Chamber of Deputies.
The Brazilian deputy also hinted that he applauds the bill. And is happy to wave a green flag ahead to the bill.
Aureo believes that many nations across the globe appreciate and support cryptocurrencies, and there is no fruit in being late in this queue. He adds that the Brazilian market is very sustainable, and the decision is innovative and sustainable. He has a sturdy faith that crypto is here to stay.
We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with, and have this asset to buy a house, a car. It will be a currency in the country as it happens in other countries.
Along with this, the congressman added that Bitcoin valuation surpassed any and every return on the assets listed on the stock exchange.
Countermeasures by Brazil
In support of the bill, Brazil aims to tighten penalties for crypto-related financial crimes. The country’s lawmakers eye to introduce a new set of penalties for laundering money with crypto.
The legislation also plans to increase the initial one-third laundered money fine to two-thirds. Adding to this, a proposal to raise minimum jail time from three to four years to ten to sixteen years is also brought forth.
In August, the head of the Brazilian Central Bank, Roberto Campos Neto called out to the state, asking them to endorse the crypto market by restructuring regulations. Moreover, In June, the Brazilian Stock Exchange launched another Bitcoin Exchange-Traded Fund (ETF), following up on several other listings of ETFs earlier this year.
Above all, the adoption of Bitcoin as a legal tender in Brazil is most likely to take place before the year’s end. This reflects Brazil’s concrete strategy towards becoming an early exhibit for new nations to look upon and for new foreign investors to inspire from.