Cryptoactive Bill recognizes crypto’s existence and leaves regulation to BC.
The interview with federal deputy Aureo Ribeiro (Solidariedade-RJ) about his bill on cryptoactives is causing a certain furor abroad. In an interview with Rádio Câmara last Thursday (30), after the approval of PL 2303/15 by the special commission on cryptocurrencies, the deputy stated that here the cryptocurrency will be “a currency as it already happens in other countries”.
Therefore, it gave the impression abroad that bitcoin, for example, will be legal tender in Brazil, that is, like the real, something similar to what happened in El Salvador.
Journalists from other countries approached Blocknews wanting to know if this information was true. One of their sources was a Yahoo report, in English, based on the interview of the deputy. Even in Brazil, there were those who replicated the information, also saying that Ribeiro made an addendum to his PL asking that cryptocurrency be legal as real.
Continuous act, the Coinbase, the largest cryptocurrency broker from the United States (USA), said in a newsletter to its clients that “Brazil is preparing to vote to legalize bitcoin as legal currency, following in the footsteps of El Salvador”.
The fact is that the bill approved by the commission and which is going to be voted in the Chamber does not establish this. And in an interview with Blocknews on tonight (6), Ribeiro confirmed what the PL says. And he said he didn’t show any more than that.
To Rádio Câmara, the deputy mentioned that the objective of the PL is to separate “the chaff from the wheat”. Thus, he wants to tighten the grip on criminals who make, for example, pyramids. And he cited cases of fraud. Afterwards, he said that cryptocurrency will be legal tender in the country and that it will be possible to use it to buy houses and cars, for example.
However, what PL does is recognize the existence of cryptoactives and paves the way for regulation. The text is basic and leaves it to the Central Bank (BC) and the Brazilian Securities and Exchange Commission (CVM) to resolve the details of this regulation. Thus, what the deputy meant is that the currency can be used in Brazil without this being a crime, and not that it will be equivalent to the real as the country’s legal or official currency.
When talking to the Blocknews, the deputy stated that with the PL, a recognition of cryptocurrencies, such as bitcoin, was created, which will allow the transaction with security. And that’s without tying up the use of technology. “We want to give the asset recognition option so as not to prevent its use to buy a hamburger”, he exemplified.
BC will regulate investments first
BC president Roberto Campos Neto has already said that he works on the regulation of cryptocurrencies with the (CVM). And that first they will be regulated as an investment and then as a means of payment. This is because the use as an investment grows more than for payments.
The Solidarity deputy informed that the regulation of the law will generate records of those who trade cryptocurrencies and therefore, it is not just any business that will be able to operate in the segment. And this should prevent fraud.
The deputy also told the radio that cryptocurrencies have ballast. However, this does not happen with all cryptoactives. This is not the case, for example, with “root” cryptos like bitcoin and ether, but it is with stablecoins. He believes that 2020 data that more than 320,000 investors invest in cryptoactives is outdated. And he added that bitcoin is widely used all over the world.
*Updated at 22:05 on 10.06.21 with the interview of Deputy Aureo Ribeiro to Blocknews.