Bitcoin has been the subject of several citizens’ proposals in the Senate.
Another “Legislative Idea” is open on the website of the Federal Senate, that is, a campaign initiated by a citizen, for bitcoin to be legal currency in Brazil. Any Brazilian can start such a campaign. In this case, who started it was Fernando Motolese.
Another one, which ended on October 8th, had 7 supports. There were 8 in the last few months and none had significant support. Motolese’s had 168 this morning (6). There was even one that advocated that Brazil buy part of the bitcoins available as a store of value.
The minimum necessary for the Senate to evaluate the matter is 20 thousand support in four months. So far, the ideas have had little or no support.
The Chamber of Deputies should vote this month on bill 2305/15 that recognizes the existence and use of cryptocurrencies in Brazil. However, it does not ask for it to be legal currency, along with the real. If approved, the PL goes to a vote in the Senate.
Motolese created what he calls Bitcoin Beach on Jijoca beach in Jericoacoara, Ceará. In the campaign in the Senate, he defends that bitcoin is a form of payment for individuals and companies. “Bitcoin is a powerful asset in the fight against inflation and will provide a promising future for the Brazilian people.”
Bitcoin campaign in the Senate needs 20,000 supporters to enter into discussion
Ever since he created the idea of Bitcoin Beach, Montelese has defended that Brazil do as El Salvador, which has the currency as legal, along with the dollar. And he says that the Central American country’s bill will serve as the basis for the Brazilian bill.
In the campaign, Montelese does not explain anything in depth, for example, his defense of the benefit against inflation. It also doesn’t count in El Salvador, the approval of the project was literally overnight, without any debate or prior study. Even for the country to make sure that the poorest will not be negatively impacted by the measure.
The deadline for receiving support is March 3, 2022. If during this period it receives 20 thousand support, the Senate forwards it to the Commission on Human Rights and Participatory Legislation (CDH). And there is also the formalization as Legislative Suggestions. At the CHR the matter is debated and the senators make an opinion.
But if it does not receive the 20 thousand supporters, the Senate ends the campaign and keeps it for consultation on the portal.