Aureo Ribeiro, a federal deputy in Brazil, stated that bitcoin might become a recognized currency in Brazil soon, during an interview with local media. The politician said Brazilians may be able to buy houses, cars and even fast food at McDonald’s with cryptocurrency in the near future. Bill 2.303/15, which regulates cryptocurrencies, might approve the legal use of the asset, similar to El Salvador.
Bitcoin could become a regulated currency in Brazil
Bitcoin could become a regulated currency for payments in Brazil in the near future, according to statements by Aureo Ribeiro, a federal deputy. Ribeiro stated that with the future approval of Bill 2.303/15, which regulates cryptocurrencies, new uses would be open for crypto holders, such as buying houses, cars, and even food in restaurants like McDonald’s.
These comments are the product of the approval of Brazil’s so-called “Bitcoin Law” for presentation to the plenary session of the Chamber of Deputies, after being stuck in development for years. Ribeiro also stated that, by its design, this law could be a referent for other countries wishing to regulate digital assets, saying its text is “innovative.” In this sense, Ribeiro stressed:
We debated a few years ago to come up with a text that recognizes this asset … which will be regulated by a government agency, because we will work with the Central Bank and the CVM, depending on how this asset will be recognized, such as real estate value or currency of daily use.
Control Ponzi Schemes
Ribeiro is also very positive about the effect this law should have on protecting citizens against Ponzi schemes in the area. Brazilians have been especially hit hard with these scams, with the authorities having to act against the promoters of these alleged Ponzi schemes several times this year. However, cryptocurrencies in Brazil are still a gray area and the authorities are limited in the extent of their ability to control these companies. Ribeiro stressed that with this law, the government wants:
Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with.
To conclude, the federal deputy said that the bill had support within the government, and it was also discussed with Arthur Lira, president of the Chamber of Deputies. For Ribeiro, it is only a matter of time for the law to be approved.
