Brazil next in line to adopt Bitcoin?

  • A Brazilian lawmaker is aiming to pass a bill that seeks to regulate Bitcoin and other cryptocurrencies. Once finalised, the framework is expected to go to the Chamber of Deputies.
  • The bill was first introduced by Deputy Expedito Netto, but has been carried forward by Deputy Aureo Ribeiro of the Solidariedade Party with an updated draft.
  • Ribeiro said the bill would provide Bitcoin with enough legal protection to be accepted throughout Brazil.
  • “We want to separate the wheat from the chaff, create regulations so that you can transact, know where you are buying, who you are trading with, and have this asset to buy a house, a car, [or] go to McDonald’s to buy a hamburger,” said Ribeiro.
  • Should the bill be passed, Rebeiro believes Bitcoin could be recognised as a payment currency by the end of the year.
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