Bitcoin Could Become Currency In Brazil Soon, But With Strict Regulations

Brazil is on the verge of voting on a cryptocurrency regulation bill. The bill is expected to be presented to the Plenary of the Chamber of Deputies within the next few days.

Bill 2.303/15, which regulates cryptocurrencies, would approve the legal use of the asset.

Brazil’s Federal Deputy Aureo Ribeiro has said that Bitcoin (CRYPTO: BTC) might become a recognized currency in the country, and soon people will be able to buy houses, cars and even McDonald’s with Bitcoin.

Ribeiro has said the proposed Brazilian Bitcoin Law could be a reference for other countries wishing to regulate digital assets.

With the introduction of this law, Ribeiro said he aims to control Ponzi schemes and safeguard citizens across the country. 

He also said that the law has the support in the government, and it has already been discussed with Arthur Lira, president of the Chamber of Deputies. 

According to research done by Sherlock Communications, 48% of Brazilians want bitcoin adoption, while 21% are against using it.

The Brazilian government is aiming to have strict regulations concerning the rollout of cryptocurrencies in the country. 

Regarding the fines for crypto-related money laundering, it would increase from one-third of the amount laundered to two-thirds of the amount. In addition, the maximum prison time for those crimes would increase from 10 years to more than 16 years.