Brazil has approved a bill on the regulation of cryptocurrencies

The document will enable to curb various financial crimes committed using digital assets

23.02.2022 - 15:40

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What’s new? The bill on cryptocurrencies was unanimously approved by the Senate’s Economic Affairs Committee of Brazil. This has potentially increased the chances that it will also be approved in the Senate itself, and afterward, the document will be sent to President Jair Bolsonaro to be signed.

The crypto bill

What does the bill say? The document contains guidelines for the provision of virtual asset services. Brazilian Senator Irajá Abreu expressed his hopes that the bill will curb various financial crimes committed using cryptocurrencies. He added:

“The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion, and many other crimes. There is a market that is licit, legal, which is the vast majority of this market, but there are exceptions.”

What are the prospects? If passed, the bill will make Brazil the largest country in Latin America to regulate cryptocurrencies. The adoption of cryptocurrencies can bring advantages and financial benefits to the state. In El Salvador, the tourism industry has grown by 30% since last September, when BTC was recognized as legal tender.

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