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Is Brazil Considering A Bitcoin Law? Here’s What The Bill Actually Says

If Bitcoin turns into authorized tender in an enormous nation like Brazil, it might be monumental. However, is that plan actually on the desk? Here are the info: 1.- A invoice to regulate cryptocurrencies was mentioned and accredited in Brazil’s House of Representatives, but it surely nonetheless has a good distance to go earlier than it turns into legislation. 2.- The invoice’s creator, deputy Aureo Ribeiro, mentioned in a current interview that he needs cryptocurrencies to be authorized tender within the nation. 

Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator

The query is, are the 2 info related? That’s what we’re right here to discover.

Will Bitcoin Be Legal Tender In Brazil Soon?

That was the headline the entire crypto-media ran with. Their minds related reality one with reality two and their articles nearly wrote themselves. It was solely logical. Sadly for their credibility, they have been incorrect. The second reality is solely Aureo Ribeiro’s ideas and needs, however these concepts are not current on the invoice. The invoice goals to regulate cryptocurrencies and desires exchanges and different service suppliers to register. 

In a Twitter thread, Brazilian journalist Saori Honorato clears issues up leaving nothing to the creativeness. “the bill DOES NOT make any mention of bitcoin becoming a legal tender in Brazil. This bill has been in development since 2015 and giving bitcoin the status of ‘legal tender’ is something that has never even been considered in Brazil.” In reality, a search on the bill itself reveals that it doesn’t point out “Bitcoin” as soon as. Enough mentioned. 

To sum all of it up, it’s a cryptocurrencies-focused invoice whose content material has been closely mentioned. Is there one thing new in there? Honorato again, “An extra of the bill is that it determines the increase in the penalty for crimes committed using crypto, such as money laundering. If the law is approved, anyone caught laundering money with crypto could get up to 16 years in prison in Brazil.”

What Did Aureo Ribeiro Say To The Press?

The interview in question was with Radio Camara, which covers the Chamber of Deputies. It occurred after the invoice was accredited, which may’ve been what originated the confusion. The title says all of it: “Regulation of cryptocurrencies will attract new investments to Brazil.” It’s about cryptocurrencies normally. It’s not about Bitcoin specifically. Could this be a case of journalists mistaking one time period for the opposite? Does Aureo Ribeiro know the variations between Altcoins and Bitcoin?

The quote that everybody ran with comes from Livecoins, whose article says that it refers to a Bitcoin Law:

“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, go to McDonald’s to buy a hamburger, it will be a currency in the country as it happens in other countries.”

Is Ribeiro speaking about Bitcoin or cryptocurrencies normally? It’s laborious to inform. One factor’s for certain, although, he’s not affirming nor guaranteeing till the final sentence. And even that one will be interpreted as wishful pondering. 

On the Radio Camara web site, they solely point out Bitcoin as soon as and it’s to make clear what cryptocurrencies are. “Cryptocurrencies, of which Bitcoin is the best known,” they say. Describing the interview, they inform us that it’s truly about regulation and management.

“The congressman emphasizes that the text prevents the formation of financial pyramids by groups that commit fraud with the purchase and sale of virtual assets, by determining that every operator is registered with economic sector bodies, with inspection by the Activities Control Council Financial (Coaf).”

Nobody is speaking about freedom cash. Nobody is speaking about Bitcoin.

BTCUSD price chart for 10/05/2021 - TradingView

BTC worth chart for 05/10/2021 on Cexio | Source: BTC/USD on TradingView.com

Conclusion: Who’s Confused?

Of the consulted sources, solely Livecoins talked about a Bitcoin Law. Did they confuse all of the crypto journalists? Or did they confuse themselves? Who’s the one which doesn’t know the distinction between Bitcoin and all the opposite cryptocurrencies? Is it Aureo Ribeiro or is it the press? The language barrier prevents us from going deep and figuring all of those particulars out, however Saori Honorato solutions an important query, “the bill DOES NOT make any mention of bitcoin becoming a legal tender in Brazil.”

Since she was probably the most dependable supply of knowledge, let’s end this by quoting her about the way forward for the invoice. “Last week, the invoice was accredited by a particular committee of the Chamber of Deputies and now goes to the Chamber’s Plenary. If accredited by deputies, it advances to the Senate to be mentioned as soon as extra and, if accredited, goes for the president.“ 

Related Reading | Why Bitcoin Declared Legal Tender Could Have Major Implications Beyond El Salvador

Those are the info. We separated the wheat from the chaff.

Featured Image by Rafaela Biazi on Unsplash - Charts by TradingView

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