Brazil ’s Senate Committee Approves Bill To Regulate Cryptocurrencies. What Now?

Who’s one step closer to regulating cryptocurrency use? Brazil is. The Senate Committee, more specifically The Committee on Economic Affairs, settled on a bill. Its aim is to regulate crypto transactions in Brazil. For the bill to become law, it has to be approved in the Senate plenary and then by the Chamber of Deputies. If it goes through those two hoops, the law goes into effect 180 days after publication. Related Reading | Stablecoin Supply Near $200 Billion, Faster Growth Than Rest of Crypto Even though regulation still seems far away, it’s good to remember that the bill started its journey just five months ago. When the whole world thought its aim was to declare bitcoin legal tender, NewsBTC used online translators to get to the bottom of the story. At the time, we quoted Brazil ’s premiere bitcoin journalist Saori Honorato about the future of the bill: “Last week, the bill was approved by a special committee of the Chamber of Deputies and now goes to the Chamber’s Plenary. If approved by deputies, it advances to the Senate to be discussed once more and, if approved, goes for the president.“ And look how far it is, already at the Senate level. It’s worth noting that Brazil ’s President still holds the power to veto the bill at any point. However, as Portal Do Bitcoin informs, there are concrete reasons to believe he approves of the bill: “Among the senators who voted in favor was Flávio Bolsonaro (Liberal-RJ), son o...