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Brazil Might Approve Its Cryptocurrency Law This Week

This week, the Chamber of Deputies in Brazil might approve a cryptocurrency bill introduced earlier this year. According to the leader of the Federal Government in the Chamber, Ricardo Barros, the bill is set to be discussed, but there are still no reports on a possible vote as the Chamber is set to also discuss other time-sensitive bills.

However, Brazil is in pre-election mode, with the presidential ballot set to happen on October 2. As such, the congress might not discuss delicate matters to avoid swaying the electorate towards one side or another. However, if the cryptocurrency bill is finally voted and approved, it would have to be remitted to president Jair Bolsonaro for its final sanction. The Deputy Chamber is also set to discuss other significant laws this week, including a remote work bill.

In earlier interviews, the deputies behind this cryptocurrency bill project have stated that one of the biggest motivations behind the law is to punish cryptocurrency scams in the country. For this purpose, the project also defines a new kind of crypto-related crime and establishes harsh penalties for individuals and companies involved in this kind of crime.

What do you think about the possible approval of a cryptocurrency-centric bill in Brazil? Tell us in the comments section below.


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