Brazil Bitcoin Bill Moves Forward

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The Bitcoin and cryptocurrency markets in Brazil will soon get overseen by a more complete regulatory framework as a unison work among different sectors of the government strives to pass an overhaul draft bill in the first half of this year.

There were two separate draft bills being discussed in parallel in the country but only one will keep advancing as Senate bill 3825/19 was set aside in favor of House bill 4401/21.

Rapporteur Senator Iraja Abreu dismissed the Senate bill and moved the House bill forward by including some of the former’s provisions into the latter. Whereas the Senate bill had only been approved by the Senate’s Economic Affairs Committee (CAE), the House bill had already been approved at the Chamber of Deputies. In other words, the move saves one step for the legislation to go through, expediting the process.

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