HomeNewsIs Brazil Considering A Bitcoin Law? Here's What The Bill Actually Says

Is Brazil Considering A Bitcoin Law? Here’s What The Bill Actually Says

If Bitcoin turns into authorized tender in a large nation like Brazil, it could be monumental. Nonetheless, is that plan actually on the desk? Listed here are the information: 1.- A invoice to manage cryptocurrencies was mentioned and authorised in Brazil’s Home of Representatives, nevertheless it nonetheless has a protracted technique to go earlier than it turns into legislation. 2.- The invoice’s creator, deputy Aureo Ribeiro, stated in a current interview that he desires cryptocurrencies to be authorized tender within the nation. 

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The query is, are the 2 information linked? That’s what we’re right here to discover.

Will Bitcoin Be Authorized Tender In Brazil Quickly?

That was the headline the entire crypto-media ran with. Their minds linked reality one with reality two and their articles virtually wrote themselves. It was solely logical. Sadly for his or her credibility, they have been flawed. The second reality is barely Aureo Ribeiro’s ideas and needs, however these concepts aren’t current on the invoice. The invoice goals to manage cryptocurrencies and desires exchanges and different service suppliers to register. 

In a Twitter thread, Brazilian journalist Saori Honorato clears issues up leaving nothing to the creativeness. “the invoice DOES NOT make any point out of bitcoin changing into a authorized tender in Brazil. This invoice has been in improvement since 2015 and giving bitcoin the standing of ‘authorized tender’ is one thing that has by no means even been thought of in Brazil.” In reality, a search on the invoice itself reveals that it doesn’t point out “Bitcoin” as soon as. Sufficient stated. 

To sum all of it up, it’s a cryptocurrencies-focused invoice whose content material has been closely mentioned. Is there one thing new in there? Honorato again, “An additional of the invoice is that it determines the rise within the penalty for crimes dedicated utilizing crypto, equivalent to cash laundering. If the legislation is authorised, anybody caught laundering cash with crypto may stand up to 16 years in jail in Brazil.”

What Did Aureo Ribeiro Say To The Press?

The interview in query was with Radio Camara, which covers the Chamber of Deputies. It occurred after the invoice was authorised, which may’ve been what originated the confusion. The title says all of it: “Regulation of cryptocurrencies will entice new investments to Brazil.” It’s about cryptocurrencies on the whole. It’s not about Bitcoin specifically. Might this be a case of journalists mistaking one time period for the opposite? Does Aureo Ribeiro know the variations between Altcoins and Bitcoin?

The quote that everybody ran with comes from Livecoins, whose article says that it refers to a Bitcoin Legislation:

“We wish to separate the wheat from the chaff, create rules to be able to commerce, know the place you’re shopping for, know who you’re coping with. And have this asset to purchase a home, a automobile, go to McDonald’s to purchase a hamburger, it will likely be a foreign money within the nation because it occurs in different nations.”

Is Ribeiro speaking about Bitcoin or cryptocurrencies on the whole? It’s laborious to inform. One factor’s for certain, although, he’s not affirming nor guaranteeing till the final sentence. And even that one will be interpreted as wishful considering. 

On the Radio Camara website, they solely point out Bitcoin as soon as and it’s to make clear what cryptocurrencies are. “Cryptocurrencies, of which Bitcoin is the perfect identified,” they are saying. Describing the interview, they inform us that it’s truly about regulation and management.

“The congressman emphasizes that the textual content prevents the formation of monetary pyramids by teams that commit fraud with the acquisition and sale of digital property, by figuring out that each operator is registered with financial sector our bodies, with inspection by the Actions Management Council Monetary (Coaf).”

No one is speaking about freedom cash. No one is speaking about Bitcoin.

BTCUSD price chart for 10/05/2021 - TradingView

BTC worth chart for 05/10/2021 on Cexio | Supply: BTC/USD on TradingView.com

Conclusion: Who’s Confused?

Of the consulted sources, solely Livecoins talked about a Bitcoin Legislation. Did they confuse all of the crypto journalists? Or did they confuse themselves? Who’s the one which doesn’t know the distinction between Bitcoin and all the opposite cryptocurrencies? Is it Aureo Ribeiro or is it the press? The language barrier prevents us from going deep and figuring all of those particulars out, however Saori Honorato solutions crucial query, “the invoice DOES NOT make any point out of bitcoin changing into a authorized tender in Brazil.”

Since she was probably the most dependable supply of data, let’s end this by quoting her about the way forward for the invoice. “Final week, the invoice was authorised by a particular committee of the Chamber of Deputies and now goes to the Chamber’s Plenary. If authorised by deputies, it advances to the Senate to be mentioned as soon as extra and, if authorised, goes for the president.“ 

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These are the information. We separated the wheat from the chaff.

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