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A brand new cryptocurrency invoice was accepted by the Chamber of Deputies of the Brazilian Congress final week, and is now awaiting assessment by the Senate for approval. The mission, if accepted, would introduce a central physique to control all cryptocurrency brokerage exercise — ostensibly the Central Financial institution of Brazil — and set up new penalties for crypto-related crimes.
The Chamber of Deputies of the Congress of Brazil has accepted new proposed laws that seeks to convey readability to cryptocurrency regulation within the nation. The mission, recognized as Invoice 2303/15 and proposed by Deputy Aureo Ribeiro, establishes definitions for exchanges and digital currencies. It additionally requires a central physique to supervise all cryptocurrency-based operations, which shall be appointed by the manager department of the federal government. The invoice will now be handed to the Senate, which is able to finally resolve whether it is handed into legislation.
The regulation doesn’t point out cryptocurrencies by identify, and as an alternative makes use of the time period “digital currencies.” Nevertheless, the mission does make clear that it doesn’t have an effect on the digital representations of the nationwide fiat foreign money (the actual), different worldwide currencies, or rewards factors given by some corporations in promoting campaigns. A digital foreign money is outlined as a illustration of worth that can be utilized electronically for funds or for funding functions.
The textual content contains particular penalties for cryptocurrency-related crime and establishes a brand new penalty for exchanges or events that illegally handle cryptocurrency portfolios for third events. This crime is assessed as a kind of embezzlement and could be punishable by 4 to eight years in jail and fines.
Whereas the invoice establishes a central regulator, it can not identify it explicitly for authorized causes. Nevertheless, Expedito Netto, the rapporteur of the fee that carries the legislation, said that it’s seemingly this physique would be the nation’s central financial institution.
If accepted, Brazil would be a part of a bunch of nations in Latam which have devoted guidelines for cryptocurrency property, that are labeled in a different way from different, related property. El Salvador is one in all these international locations, approving its so-called “Bitcoin Regulation” lately, establishing Bitcoin as authorized tender within the nation.
Paraguay has additionally taken steps on this path, introducing a invoice to control cryptocurrencies in July. Nevertheless, the laws seeks to ascertain controls on crypto transactions, and as an alternative of contemplating bitcoin a foreign money, views it as a commodity.
What do you concentrate on the cryptocurrency invoice in Brazil? Inform us within the remark part beneath.
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