Brazil’s Senate has Approved Bill to Regulate Cryptocurrencies

The Senate of Brazil has recently passed a cryptocurrency regulatory bill with unanimity. The news was made official by the Senate Committee of Brazil on their website portal. The bill named the PL 3825/19 is considered the first-ever cryptocurrency bill in the country to make this far. However, the bill will need to get the approving signature of the Brazilian president to be written into the law.

The bill was chartered by the joint efforts of the Brazilian Central Bank, Senator Flavio Arns, the Security and Exchange Commission of Brazil, and the local taxation agency. With such a strong background, it is quite likely that the bill will be able to get a green light from the president.

Legislation of Local Crypto Market

The new cryptocurrency bill in Brazil calls for Tax relaxation for the cryptocurrency miners. Furthermore, the bill put a lot of attention to containing anti-money laundering practices and illegal financial activities. Under the prism of the new law, cryptocurrency miners who are dependent on renewable energy will be awarded import taxes.

The spokesperson for the Senate Committee, Iraja Abreu, claimed that the main focus of the bill is to discourage illegal financial practices like tax evasion. Abreu also said speaking to Bloomberg that if the bill manages to immerse into the law it will increase cryptocurrency adoption in sectors like supermarkets, car dealers, and other online businesses.

Mexico may Add Bitcoin as a Legal Tender

Anthony Pompaliano claimed in his latest podcast that the government of Mexico might be planning to add Bitcoin as a legal tender following the footsteps of their Latin American counterpart El Salvador. The news that gave rise to the rumor is enticed by Senator Indira Kempis. Pompliano claimed that Kempis is preparing a crypto bill fashioned after the El Salvador Bitcoin bill.

However, at this point, it is very early to claim that the Mexican government has any plans to register Bitcoin as a legal tender. Meanwhile, Asian economies like India have still not ruled out on the matter. The Finance Minister of India has yet to officially dismiss the possibility of a cryptocurrency ban.