According to Aureo Ribeiro, Brazil’s Federal Deputy, they plan to accept Bitcoin as a payment currency in Brazil soon. This was stated during an interview with one of the local media houses. He further explained that, after the approval, citizens would be able to purchase cars, houses and even pay for fast foods using digital currency.
Bitcoin as a Regulated Currency in Brazil
The fact that the government is giving a thought to accepting Bitcoin as an official payment currency gives hope to the entire cryptocurrency market. However, the government of Brazil will only use Bitcoin as a regulated currency.
Ribeiro stated that they are waiting for the approval of the Brazilian Bitcoin Law before adopting Bitcoin. It has taken years to develop the said laws. Therefore, the Brazil Fed hopes that the Chamber of Deputies will pass the law.
Commenting about the law, Ribeiro said that the law is innovative and of great design. In addition, they are willing to lead the design of their law to other countries wishing to develop cryptocurrency laws.
Controlling Ponzi Schemes
One of the reasons different countries insist on the regulation of cryptocurrencies is to protect investors from cybercriminals. And this is the same reason why Brazil is waiting for the approval of the Bitcoin law before adopting the currency.
They are very positive that they will be able to control and stop the famous Ponzi schemes using this law. The citizens of Brazil have severely suffered losses from the Ponzi scheme in this sector. In an attempt to control these schemes, the authorities have dealt with the promoters of these schemes severally now.
However, the government of Brazil has not been able to control cryptocurrency, and the law around them is still grey. Ribeiro insisted that, with set laws, the government is hoping to weed out the bad guys from the digital currency market. This way, investors will know where they are buying from and who they are dealing with.
Brazil to Set an Example to Other Countries
As already stated, Brazil hopes that other countries will refer to their Bitcoin laws as a guide to creating their laws.
People from different countries have come across Bitcoin from different platforms. Some have already invested in these coins, and the larger number is waiting to invest.
Therefore, it is only right if the government creates regulations around the operation of cryptocurrencies to enhance safety.
What’s more, Aureo reveals that they have consulted with the central bank and the Securities and Exchange Commission of Brazil (CVM) over the recognition they will give Bitcoin in several financial sectors, for example, daily use and real estate.
He further stated that the government and the Chamber of Deputies are in support of the bill. Therefore, there are fewer barriers to its approval.
Research to determine the adoption levels of Bitcoin in Brazil showed that 48% of the citizens are in support of the adoption. In the 48%, 31% ticked agree, while 17% strongly agree to the idea.