CRYPTO

Is Brazil considering bitcoin law? Here’s what the bill actually says


If Bitcoin becomes a legal tender in a huge country like Brazil, it will be a reminder. However, is that plan really on the table? Here is the information: 1- A bill to regulate cryptocurrency was discussed and approved in the Brazilian House of Representatives, but there is still a long way to go before it becomes law. 2.- The author of the bill, Deputy Oreo Ribeiro, said in a recent interview that he wants cryptocurrencies to be legal tender in the country.

Related Reading | Ether EFT is approved by the Brazilian Securities Regulator

The question is, are the two events connected? That’s what we’re here to explore.

Will Bitcoin be legal tender in Brazil soon?

That title was all about crypto-media. Their minds have connected a truth to the truth and their articles have been written almost by themselves. It was just logical. Unfortunately for their credibility, they were wrong. The second truth is that only Oreo Ribeiro has thoughts and desires, but those ideas are not present in the bill. The bill aims to regulate cryptocurrency and register exchange and other service providers.

In a Twitter thread, Brazilian journalist Saori Honoroto clears things up without leaving anything out of the imagination. “The bill does not mention bitcoin being a legal tender in Brazil. The bill has been in development since 2015 and has given Bitcoin the status of a ‘legal tender’, something that has never been considered in Brazil.“Actually, an investigation is underway Bill himself Reveals that it does not once refer to “Bitcoin”. That’s enough.

All in all, this is a cryptocurrency-centric bill whose content has been widely discussed. Is there anything new? Honoroto again, “An additional aspect of the bill is that it prescribes increased penalties for crimes committed using crypto, such as money laundering. If the law allows, anyone smuggling money with crypto could face up to 16 years in prison in Brazil.. ”

What did Oreo Ribeiro tell the press?

The The interview in question was with a radio camera, Which covers the Chamber of Deputies. This happened after the bill was approved, which probably gave rise to confusion. The title says it all: “Cryptocurrency regulation will attract new investment to Brazil.” It’s about cryptocurrency in general. It’s not specifically about Bitcoin. Could it be a case of journalists mistaking one word for another? Does Aureo Ribeiro know the difference between Altcoins and Bitcoin?

Everyone ran with that quote Comes from Livecoins, Whose article states that it refers to a bitcoin law:

“We want to separate wheat from husk, create regulations so that you can do business, know where you are buying, know who you are working with. And this resource goes to buy a house, a car, to buy a hamburger at McDonald’s, it will be a currency in the country as it happens in other countries. ”

Is Ribeiro talking about Bitcoin or cryptocurrency in general? It’s hard to say. One thing is for sure, though, he is not confirming or guaranteeing until the last sentence. And even that can be interpreted as a deliberate thought.

On the radio camera site, they only mention Bitcoin once and make it clear what a cryptocurrency is. “Cryptocurrency, of which Bitcoin is the best known,“They say. Describing the interview, they tell us it’s actually about control and control.

“Congressmen emphasize that the texts prevent the creation of financial pyramids by groups that engage in fraudulent buying and selling of virtual assets. . ”

No one is talking about freedom money. No one is talking about bitcoin.

BTC price chart for 05/10/2021 on Cexio | Source: BTC/USD on TradingView.com

Conclusion: Who is confused?

Of the sources suggested, only Livecoin mentioned a bitcoin law. Did they confuse all crypto journalists? Or have they confused themselves? Who doesn’t know the difference between Bitcoin and all other cryptocurrencies? Is it Ario Ribeiro or is it the press? The language barrier prevents us from going deeper and finding out all these details, but Saori Honoroto answers the most important question, “The bill does not refer to Bitcoin as a legal tender in Brazil. ”

Since he was the most reliable source of information, let’s end it with his quote about the future of the bill. “Last week, the bill was approved by a special committee of chambers of deputies and now goes to chamber plenary. If approved by deputies, it goes to the Senate for further discussion and, if approved, goes to the President.

Related Reading | Why Bitcoin could have a big impact outside of El Salvador when legal tender is announced

Those are the truth. We have separated wheat from husk.

Featured Image by Rafaela Biazi on Unsplash - Charts by TradingView





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