There could be so many different uses of regulating cryptocurrency in different nations as it can help with the economy of the nations for sure.
That is one of the main reasons why there are many countries that have managed to regulate the use of crypto in their governments in the best way. While there are some countries that are actually imposing bans on crypto, there are other names of nations that are encouraging the use of cryptocurrency by making proposals for passing bills that would help in proper regulation of cryptocurrency in the best way.
A name that has been added to the list of countries that support the regulation of cryptocurrency would be Brazil. According to India Today Crypto news, the Latin American country that is apparently the largest one could soon be properly regulating cryptocurrency.
The main goal for doing taking this particular step is the belief of the lawmakers that are in the hope that it will properly increase the uses of the crypto across the country and the world as well.
In order to pass the bill, the Brazilian Senate has to actually vote on the bill and after it passes, Brazil will definitely become the largest country in Latin America to actually properly regulate cryptocurrency in the best way.
This bill was unanimously approved by the Economic Affairs Committee that was posted in the Senate and that too on the 22nd of February. It actually potentially increased the chance of the bill passing through the Senate.
Once the law is passed by the lower house as well as the Senate, President Jair Bolsonaro will be provided with the bill and he has to sign on it in order to turn the bill into law.
The legislation states that it provides “guidelines for the provision of virtual asset services.” Brazilian Senator Irajá Abreu said on the 22nd of February that he hopes the bill will curb various financial crimes that have been committed with crypto.
“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.”
Senator Abreu, who originally proposed the bill in 2019, also told Bloomberg on Feb. 22 that “Once this regulation is approved, the trend is that (crypto) will be increasingly adopted in the supermarket, in commerce, in a car dealership.”
In the works for almost three years now, the bill defines various aspects of what constitutes a virtual asset (VA), a broker or exchange, and which arms of the Federal government would have jurisdiction over the matter.
The Crypto Bill In Brazil Is All Set For Vote By The Senate
The bill defines a virtual asset as a “digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes.”
According to the bill, a crypto broker or exchange is a legal entity that allows “participation in financial services and provisions,” and performs exchanges between VA and fiat currency, VA and other VA, transfer of VA, and custody of VA.
If the bill passes, it will make Brazil the largest country in Latin America to regulate cryptocurrency. Probably the most well-known LATAM nation to have such regulations is El Salvador, whose President Nayib Bukele has been vocal about his ambitions to make the country independent of U.S. dollar reliance through the use of Bitcoin (BTC).
There can be unexpected benefits from embracing crypto. In El Salvador, the tourism industry has seen a 30% increase since last September, when BTC was made legal tender.