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Brazil Lawmakers Vote to Support Bitcoin as Payments
Neither the bear market nor crypto firms’ insolvency issues could stop the Brazilian lawmakers’ from adopting Bitcoin in the country.
The Brazil financial watchdog and the Central Bank of Brazil have drafted a regulatory framework for Bitcoin which was attended to on Tuesday by the Brazilian legislators.
At the sitting, the lawmakers approved the complete regulatory framework that will see Bitcoin being used as a payment as well as an investment asset in Brazil.
The bill extends broadly to a sector which it calls “virtual assets,” and currently requires the signature of the country’s president after which it will become law. It is to be noted that the law does not make Bitcoin a legal tender in Brazil.
The bill demanded that the executive branch select government bodies to oversee the market. The expectation is that the country’s apex bank (BCB) will be in charge when BTC is used as payment while the Brazil securities and exchange commission will be the regulator whenever it is to be used as an investment asset.
Other provisions in the bill include the regulation of service providers such as exchanges of which they’re required to comply with some specific rules to operate in Brazil, one of such rules is companies explicitly separate their patrimony from capital owned by customers.
However, there is one big blow from the Tuesday voting which is the rejection of a clause that sought to remove some state and federal taxes on purchases of machines used in Bitcoin mining.
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