Brazil’s first Bitcoin law receives a green signal from Senate .

[Blue King]

BREAKING: Brazil’s Senate has approved a bill to regulate Bitcoin and cryptocurrencies.
Brazil’s first Bitcoin law receives a green signal from Senate.

News Link Twitter : https://twitter.com/WatcherGuru/status/1519141072055775232

[LeGaulois]

They also called for greater punishments for crimes involving cryptos. WTF Does it mean we can get a discount for prison if a criminal used a fiat?
How a punishment can depend on which currency you used? It's discrimination.

That's about 5 years after the first bill... Better than too late but it still means nothing. I mean, the bill must be approved by the Deputies and then signed off by the president. Nothing is written on the stone.
Good news for the shops that will get tax exemption to import ASICs.

[stompix]

They also called for greater punishments for crimes involving cryptos. WTF Does it mean we can get a discount for prison if a criminal used a fiat?
How a punishment can depend on which currency you used? It's discrimination.

Don't know why this is like some standard, even with the CAF they somehow felt the need to highlight those 20 years of maximum prison sentences.

Furthermore, the penalties and repercussions of working around the imminent Bitcoin-centric regulations were also highlighted during the Senate session. Senator Arns went on to pitch his idea with regard to penalties. He added, “The penalties must be proportionate to the amount of value affected by this type of crime. So whoever committed a crime of US $1 billion causing damage to thousands of people would have a greater penalty than the someone who affected less value.”

No shit! Someone who scams online for 1000 satoshi should't get the same prison sentence as somebody that runs away with 100k BTC worth of people lifesaving.
Glad we have this covered.

https://www.camara.leg.br/proposicoesWeb/fichadetramitacao?idProposicao=1555470
Author Aureo - SD/RJ
Presentation 07/08/2015

Provides for the inclusion of virtual currencies and air mileage programs in the definition of "payment arrangements" under the supervision of the Central Bank

I think this is a first, regulate virtual currencies and air miles in one package, not mentioning the history of the bill is about 10 times longer than the bill itself with the amendments!

Anyhow,  happy they've got this working in 5 years and not 50, hope it won't have to wait another 2 or 3 years for the actual vote of a 3 page law.

[bitmover]

As far as I have read, this is what we can expect from this legislation:

- higher punishment  for ponzi schemes related to cryptocurrencies,  which as very common here.
- more kyc obligations on exchanges that are active here.
- more taxes
- obligations on KYT (know your transactions)

The good side about all this is that we will have more predictable rules, so this might attract new companies.  But, overall this is will be negative for small investors like us imo.

Source: https://www.moneytimes.com.br/lei-bitcoin-e-aprovada-no-senado-projeto-volta-para-camara/

There are also on going discussions that will follow on in the House (so far this law project was discussed only in the senate) . There will be discussions about payments to government using bitcoin
Rio de janeiro wants to do so, but it can't yet legally:
Demais here: https://exame.com/future-of-money/rio-vai-aceitar-bitcoin-como-pagamento-de-impostos-diz-secretario/

[YOSHIE]

I've read about laws and bills that will be enacted by Brazil, I think this will have a good impact especially for crypto users in Brazil.

As discussed in the news article below, if the Senate approves the bill, those who work for the minimum wage, at least it can increase the opportunities for them to invest in crypto, maybe it can improve their economy as a whole.

Why is Brazil, a country of contrasts, where the poorest use crypto the most?

World Bank statistics show that about 25% of the people in the country live under the poverty line. Brazil has one of the lowest minimum wages in Latin America. It is currently around $234 a month.

And also good news for farmers in Brazil, as reported.

Apart from coffee growers planning to use cryptocurrency in Brazil, no other crypto project except for Electroneum have decided to expand to the country with a ground-breaking, real-world use case by kicking off mainstream adoption of crypto across the country by enabling tens of thousands of ETN mobile phone users to top up Claro.

I believe Brazil can boost the Brazilian people's economy by enacting the overall bill against crypto.

[DapanasFruit]

One of the better news for Bitcoin this month of April but since this is not yet an approved and signed bill let's cross our fingers that it would be soon an implemented law for the cryptocurrency industry in Brazil. As natural as we can get, when we talk on regualtions...it involves recognizing something and make it legal for people to use and get into but it also means there are rules that must not be broken otherwise penalties can kick in. Still, this is so much better than banning cryptocurrencies altogether. No matter how restrictive this bill can be, I am still welcoming it because the industry can then work for amendments later if there are some things they found to be so burdensome. We are still living in the real world so there is always that give and take thing people got to face. And since I understand that Brazil is a big and very active crypto marketplace, am sure this country can be contributing a lot towards more cryptocurrency adoption.

[wagmi]

Bitcoin would be a very good option for Brazil as an emerging developing country.
Brazil has a huge potential where Bitcoin could be beneficial for people holding it.

It looks like latin America is very positive about digital coins because latin America is still very poor and by holding a good store of value, like Bitcoin, it could bring many advantages. 

[rdbase]

I don't see this as good news for the advancement and progress for cryptocurrencies as a whole,
Seeing other countries regulating it's use is not beneficial to making it used more but worse in the cause of it being a fully fledged currency.
People see the word regulate and think it is being accepted into society. But it is not.
Just ask Ross about that.
We all know where he is and having this done will have people alike in there along with him.
The term we should be all looking forward to is legalization of bitcoin in these countries instead.

[Franctoshi]

We've seen such related news several times that didn't have any effect on the market,
Regulating BTC in Brazil will give already existing investors from Brazil more confidence,
while for new investors it will encourage those who might have been waiting for the government
to regulate Bitcoin related activities to dive into the the greatest opportunity of our time.

[Wimex]

BREAKING: Brazil’s Senate has approved a bill to regulate Bitcoin and cryptocurrencies.
Brazil’s first Bitcoin law receives a green signal from Senate.

It is an ongoing project that must go through different instances to be definitively approved and to begin the application process in the Brazilian country, so far it has already been admitted by the Senate, but it still depends on the Chamber of Deputies, which can emphatically reject the proposal that leaves without effect the possible regulation of crypto transactions.

If accepted, the guidelines established in the document to these legislative entities clearly express the desired objectives for cryptocurrencies and their performance for the country, for which a regulatory process would be initiated that will help not only maintain some control of these transactions it will also reduce the illegal act of money laundering.

 Besides all this

 The bill also designates crime carried out by virtual assets as punishable by a penalty of between two and six years in prison. The original text proposed a penalty of between four and eight years but it was reduced after a request made by Senate President Rodrigo Pacheco

A somewhat drastic method, but it will help reduce scams in my opinion

Source: https://www.coindesk.com/policy/2022/04/27/brazilian-senate-plenary-approves-bill-regulating-crypto-transactions/

[Fundamentals Of]

This is not yet a law. A bill remains to be a bill even if it already passed both the senate and the house if it has yet to receive the president's approval.

I can only hope that this law was actually a product of brainstorming and comprehensive consultation and research, that this was not crafted and approved by people who can hardly appreciate the technology and could hardly explain about Bitcoin's most fundamental features. I hope the people behind this are not actually anti-Bitcoin.

[Poker Player]

As far as I have read, this is what we can expect from this legislation:

- higher punishment  for ponzi schemes related to cryptocurrencies,  which as very common here.
- more kyc obligations on exchanges that are active here.
- more taxes
- obligations on KYT (know your transactions)

The good side about all this is that we will have more predictable rules, so this might attract new companies.  But, overall this is will be negative for small investors like us imo.

As far as I can see, what is underway in Europe is not going to be an isolated case. Bitcoin is going to be regulated but with less and less privacy and more and more taxes (who would have thought, lol). I, to think of something good, what I do see as positive is:

- higher punishment  for ponzi schemes related to cryptocurrencies,  which as very common here.

There are too many scams in this sector. I am glad that tougher measures are being taken. Now let's hope they are effective as well.

[LUCKMCFLY]

It does not surprise me, Brazil is really one of the most advanced countries in Latin America, Brazil has a lot of development at an industrial level and most Brazilians are very intelligent, I imagine that they approved the law because they know the enormous potential that BTC has, and they handle a lot information, they know that they cannot refuse options like this one that represents money, and for me, as a personal opinion, I believe that governments make BTC enter their countries as regulated, giving the message that thanks to this it came into force and not as a free technology that it does not need intervention of third parties or banks, but it is a good way to enter, it does not matter if it enters with regulation, only the legal entry to a country will bring more demand to the BTC market, causing the price at some point by Law action of SUPPLY and DEMAND increase the price.

[Slow death]

it's comical, every time I read about a bill about bitcoin I hear something insane, something cruel and unrealistic, it seems that the people who make such a law or give the proposal for a law are not people who do research on it. bitcoin, bitcoin wallets, exchanges, how many scam cases have been frequent in the cryptocurrency market, how many good things the cryptocurrency market has brought, how many jobs, businesses and profit has the cryptocurrency market created. they just rush to attack bitcoin, rush to put severe punishments on people who are involved in cryptocurrency related crimes, but that's not a good thing. they need to apply laws that are the same as existing laws with services related to FIAT

[verita1]

The Brazilian Bitcoin law is very well seen, for example, by the government of Rio de Janeiro because it has shown interest in accepting Bitcoin and cryptocurrencies as a means of paying municipal taxes and taxi services.
Taking a look at the law according to cointelegraph, the law will penalize pyramid schemes, scammers and it is also mentioned about bitcoin mining.

https://cointelegraph.com/news/brazil-s-senate-approves-bitcoin-law-to-regulate-cryptocurrencies

Brazil's Bitcoin law will not be legal tender like that of El Salvador.
I believe that the Bitcoin law in Brazil will be successful because the country has a good mobile payment structure called PIX that can help Brazilians better adapt to the inclusion of bitcoin and cryptocurrencies.

[Gyfts]

They also called for greater punishments for crimes involving cryptos. WTF Does it mean we can get a discount for prison if a criminal used a fiat?
How a punishment can depend on which currency you used? It's discrimination.

That's about 5 years after the first bill... Better than too late but it still means nothing. I mean, the bill must be approved by the Deputies and then signed off by the president. Nothing is written on the stone.
Good news for the shops that will get tax exemption to import ASICs.

I'm sure their logic involves the anonymity of crypto being used to evade law enforcement, and acts as a prison sentence enhancer. That is to say, these folks believe crypto currency is inherently anonymous (not entirely true) and that a criminal using crypto currency makes that person even more nefarious.

You can tell these folks don't like crypto, clearly.

[Lucius]

As far as I can see, what is underway in Europe is not going to be an isolated case. Bitcoin is going to be regulated but with less and less privacy and more and more taxes (who would have thought, lol).

Far from the EU being lonely in its efforts to regulate Bitcoin and everything else that follows it, because despite not saying so publicly, most of the world's so-called democracies certainly see Bitcoin as a common enemy. Thailand banned Bitcoin as a means of payment a few months ago, citing similar measures by the EU and the UK if I'm not mistaken.

There are too many scams in this sector. I am glad that tougher measures are being taken. Now let's hope they are effective as well.

I totally agree with that, because all these crypto-related scams not only cause financial damage measured in the hundreds of millions of dollars globally, but also constantly put Bitcoin in some context as a bad and harmful tool/product. There are currently just under 20 000 cryptocurrencies/tokens, and what does Bitcoin have to do with the fact that 99% will be scam or fail?

[BIT-BENDER]

When ever I see a regulation, sanctions or law on Crypto-currency, I help to wonders why we are moving backwards when the would is to be moving forward, it didn’t take me too long the Opportunities Crypto-currency offers so I am wondering how hard is it for the governments of countries to see all these benefits, El Salvador and so other countries has taking the bold step and that I applaud but when can we see a complete adoption? To me I think it would take a long time.

[TimeTeller]

When ever I see a regulation, sanctions or law on Crypto-currency, I help to wonders why we are moving backwards when the would is to be moving forward, it didn’t take me too long the Opportunities Crypto-currency offers so I am wondering how hard is it for the governments of countries to see all these benefits, El Salvador and so other countries has taking the bold step and that I applaud but when can we see a complete adoption? To me I think it would take a long time.

It seems going backwards but to move forward, regulation is inevitable for the government to get a hold of their crypto market.
They may not get the whole market within their jurisdiction but it would give them some sort of control if they are regulating those crypto-related businesses.
Hence, this initiative is deemed to be moving forward when it comes to acceptance with crypto industry.
Without regulation and other related protocols from the government, it would be hard for them to approach crypto.
So yes, if we want more adoption, we should be ready to submit ourselves to certain kyc requirements from our government.

[Sled]

The news is really great to hear but the implementation rules that they are going to follow are not acceptable for everyone. If the people will understand how this works if this become final, I'm not sure if they will be preferred for it or just keep using fiat instead. Higher penalties for scammers are just okay as this will discourage people to do evil things but in the matter of increasing taxes, that is not favorable anymore. Plus KYC, people will then think it is going better not to pursue that law.