by Sergio Goschenko
The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.
The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.
According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:
If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.
Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.
What do you think about the new opportunity that the Brazilian Congress has to approve the cryptocurrency bill? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Antonio Salaverry, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% … read more.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
