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Is Brazil Contemplating A Bitcoin Legislation? This is What The Invoice Really 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 below are the info: 1.- A invoice to manage cryptocurrencies was mentioned and accredited in Brazil’s Home of Representatives, however it nonetheless has an extended technique to go earlier than it turns into regulation. 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 info 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 truth one with truth two and their articles virtually wrote themselves. It was solely logical. Sadly for his or her credibility, they have been fallacious. The second truth is just Aureo Ribeiro’s ideas and needs, however these concepts usually are not current on the invoice. The invoice desires to manage and 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 turning 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.” The truth is, 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 once more, “An additional of the invoice is that it determines the rise within the penalty for crimes dedicated utilizing crypto, reminiscent of cash laundering. If the regulation is accredited, anybody caught laundering cash with crypto might 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 accredited, 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 generally. 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 in an effort 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 is going to be a foreign money within the nation because it occurs in different international locations.”

Is Ribeiro speaking about Bitcoin or cryptocurrencies generally? It’s exhausting to inform. One factor’s for positive, although, he’s not affirming nor guaranteeing till the final sentence. And even that one may be interpreted as wishful pondering. 

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

“The congressman emphasizes that the textual content prevents the formation of economic 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 value 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 turning into a authorized tender in Brazil.”

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

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

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