Jair Bolsonaro seals bill on cryptocurrency regulation in Brazil

Defeated at 2e round of the presidential elections in October, Jair Bolsonaro would have about a week to govern Brazil. He will have to wait 4 years before taking over the reins of the country, now in to put back in the hands of Lula da Silva. Well before the transfer of power, he prepared a nice surprise for the country’s enthusiasts. He has just signed a bill regulating the use of bitcoin and other cryptocurrencies as a means of payment in Brazil.

Jair Bolsonaro signs landmark cryptocurrency law

Bolsonaro ratifies the law that regulates crypto-assets in Brazil »

InfoMoney reported that yesterday Jair Bolsonaro signed Law 14,478 governing the cryptocurrency sector in Brazil. Approved by the House of Representatives on November 29, this bill aims to establish a comprehensive regulatory framework for the trading and use of bitcoin in the country.

Jair Bolsonaro, who will have to give way to Luiz Inacio Lula da Silva on 1er January 2023 (another pro-crypto) was forced to endorse this initiative the day before yesterday. The 15 days allocated to him to sign or veto this project ended on December 21.

We also note that Bitcoin Magazine detailed the content of this Brazilian bitcoin and cryptocurrency bill earlier this month. Four crucial points make it up:

  • assets ;
  • regulators: the Central Bank of Brazil (BCB) and the Securities and Exchange Commission (CVM);
  • service providers;
  • and penalties;

Regulation and not legalization of bitcoin

For the moment, Brazil has not followed suit in El Salvador, the first country to legalize bitcoin. The text of the Brazilian bill, however, provides for the recognition of several crypto currencies as legal means of payment in the country.

To say that Brazil seems very advanced in the adoption of bitcoin and cryptocurrencies currently. If local companies are the most fond of this new asset, the Boslonaro government did not hesitate to authorize several companies in the sector to set up in the country. To cite only Crypto.com which has just obtained its license. Also note that stablecoins, such as USDT, are on the rise in the land of Samba. This law will only accelerate the democratization of bitcoin there.

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