Brazilian deputy says that Bitcoin will be used as payment in the country soon

Even amongst contradictions, a specialized Commission approved the proposed bill and now it will go through the next steps towards regulation

The Brazilian federal deputy Aureo Ribeiro said in an interview that Bitcoin will be regulated and used as payment soon. The statement came right after the approval by the Brazilian Chamber of Deputies of Ribeiro’s proposed bill that ensures the inclusion of cryptocurrencies in the legal system. 

“We debated for a few years to get into a text that acknowledges this asset, that allows the transaction of this asset in our country and that will be regulated by a government agency. Because we will work with the Central Bank and with the Securities and Exchange Commission (CVM in Portuguese), depending on how this asset will be recognized - as a real estate value or as a currency to use on a daily basis”.

-Deputy Aureo Ribeiro

The Brazilian legislature requires at least four steps in order to approve a bill. It must pass on the specialized commission in the Chamber, then in the plenary of the Chamber, then Senate, to finally be available for the Presidential approval. 

Now, Ribeiro’s bill has passed through the first phase and it’s going to the Chamber’s plenary evaluation. With the green sign given by the Chamber’s Commission, Dep. Aureo said in the interview that soon enough Brazilians will be able to pay for cars, goods and even McDonald’s with cryptos like Bitcoin. 

Matter of security

Ribeiro also highlighted the importance of crypto’s regulation in Brazil because of the recent scandals and scams involving cryptocurrencies’ funds companies. 

A whole city of Rio de Janeiro called Cabo Frio, became famous with the name of “New Egypt” referring to the huge pyramid schemes of crypto developed there. For the deputy, it reinforces the need for regulation in the country. 

“We want to sift the wheat from the chaff, to create a regulation so that you can make transactions, know where you are buying from, with whom you negotiate, and have this asset to buy a house, a car, go to McDonald’s and buy a hamburger… it’ll be a legal currency in the country as it already happens in other nations”. 

-Deputy Aureo Ribeiro

Central Bank contradicts 

However, the Central Bank of Brazil had already stated before that the country is on its way to regulate crypto’s transactions and activities such as Exchanges but not crypto as a means for payment. 

"At first, we will regulate as an investment and later, in another step, we will imagine how to make a regulation for crypto payments. What we have on the table today is to regulate it as an investment”

-Roberto Campos Neto, president of the Brazilian Central Bank 

Regardless of the apparent contradiction, both decisions would have great impact for Brazil's crypto market. By regulating crypto for payments or just the activities of investment with crypto, the country will represent a smart minority that wishes to change the game for crypto’s regulation in nations, such as El Salvador. 

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