Bitcoin regulation may advance in Brazil in 2021, according to Federal Deputy Aureo Ribeiro

Author of two draft laws on the market in cryptomorphs, he hopes to see Permanent Commissions resumed in 2021 to discuss the issue among parliamentarians.

Bitcoin regulation may advance in Brazil in 2021, according to Congressman Aureo RibeiroNOTÍCIAS
The discussion on a possible regulation of the market for cryptomorphs in Brazil is expected to resume soon in the Chamber of Deputies in Brasilia – DF, according to parliamentarian Aureo Ribeiro (Solidariedade-RJ).

In an interview with the Cointelegraph, the federal deputy said it is necessary to wait for the composition of the Permanent Commissions for the regulation to be discussed again, right after the election of the president of the House of Representatives.

Is Bitcoin legal in Brazil?
Until the end of 2019, the regulation of cryptomorphs was the agenda of a Special Commission, in which Aureo Ribeiro was a member, and which met weekly in parliament to discuss the Bitcoin market.

However, the work of the Special Commission dealing with the issue had to be postponed as the pandemic advanced in early 2020. In addition to cryptomorphs, the commission formed by the political group discussed air miles.

Bitcoin ‚legalised‘ in Brazil
The Federal Chamber of Deputies in Brasilia – DF is expected to resume the discussion on the approval of the regulation of cryptomorphs in Brazil. Until the end of 2019, the subject was the subject of a Special Commission formed by parliamentarians like Aureo Ribeiro.

In the commission, two bills, which were created by Aureo Ribeiro, served as a basis for presenting ideas such as the creation of a legal regime for cryptomoks (PL 2060/2019) and the classification of Bitcoin as a „payment arrangement“ (PL 2303/2015).

Senators decide to discuss proposals for Bitcoin regulation in Brazil together
For Ribeiro, the regulation of cryptomorphs in Brazil will provide „legal certainty“ for market investors. He also said the intention was to regulate the Bitcoin market in the post-Pandemic.

„More than ever, in the post-Pandemic, it is important to regulate cryptoactives so that Brazil is a ‚barn‘ for investors with legal certainty. See, it is not regular, it is regulatory“.

Example from other countries and financial pyramids
In addition to providing security for cryptomaniac investors through a legal regime for the sector, Aureo Ribeiro points out that Brazil should follow the example of other countries in regulating the Bitcoin market.

Brazil advances in Bitcoin regulation and officially recognizes exchange activity
On the other hand, the MP again sketched concern at the commission of crimes using the name cryptomorphs, known as financial pyramids.

„He said he hoped that we would be able to move forward with legislation, taking advantage of the good experience of other countries and avoiding the mistakes that have been made, such as the financial pyramids.

Digital currency and R$ 200 bill
Speaking about the current economic situation in Brazil, Aureo Ribeiro also commented on the creation of the R$200 bill by the federal government at the end of 2020.

Thus, in a comparison with the emergency aid of R$ 600, he explained that the note does not represent significant changes for the majority of the Brazilian population.

„In a country where people cannot access emergency aid, I do not know if the R$200 coin has made any positive difference to the population.

In the meantime, by advocating the digitization of the economy experienced by the country recently, the federal deputy proved to be in favour of the creation of a digital currency by Brazil.

„The idea is not to stop the discussion on the bill, but to create, by calling the market, small investors and prepare Brazil to have a favorable environment for the creation of a virtual currency“.