Brazilian senators to consider bill to legalize cryptocurrency

Brazil is moving towards the legalization of digital currencies, last year the country launched a Bitcoin-ETF cryptocurrency exchange-traded fund.

Now the Brazilian Parliament will consider a bill to regulate the relationship between holders of digital assets. The Senate Economic Committee passed such a document and sent it to the upper house of Parliament for consideration on February 22, the local media reported.

After the bill will be approved by the Senate, it will be sent to the lower house. Only then will the document go to President Jair Bolsonaro for his signature.

If the industry does get legalized, it will be the first major state in the world to recognize Bitcoin as a full-fledged instrument.

The law was drafted by a group of senators led by Flavio Arns. It states that the Central Bank and the Brazilian Securities and Exchange Commission (ICO) will have regulatory functions.

Criminal activities using digital assets will be punished with fines and imprisonment. Cryptocompanies registered in Brazil will be exempt from taxes.

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Written by Renat
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