Brazil Enacts Bill to Regulate Cryptocurrency

The largest South American country, Brazil, is going to regulate cryptocurrencies. On Wednesday, the Brazillian senate enacted a bill to control cryptocurrencies in the country. In order to stabilize the country’s crypto industry and maintain a regulatory framework the bill was introduced.

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According to the proposed system in the bill, the executive branch of the government would be responsible for the crypto legislation. Also, The Executive Branch has the option to create regulations for Cryptocurrencies for the Securities and Exchange Commission (CVM) or the Brazilian Central Bank (BCB)

In order to set up shop in Brazil, the lawmakers have planned to exempt the Bitcoin miners from all the import charges from ASIC mining machines to attract them. The introduced laws are intended to make the crypto business flourish in the country.

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Across the world, there are several countries in the CBDC game and Brazil is coming into this place. It is clear from the information that the CBDC trial will begin at Brazil’s Central Bank in 2022.

This bill also talks about what will be the punishment for any crime related to cryptocurrencies. The bill’s author Senator Arns and other senators have focused on the sanctions on crimes and frauds related to the Crypto market.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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