Brazilian Congress didn’t address a cryptocurrency bill that was proposed this week. The proposed public policy was on the agenda. However, the deputy chamber focuses on other topics, such as digital education and health. In September, the digital currency bill will be brought up again.
Brazilian Congress Disapproves of Crypto Bill Discussion
Brazilian Congress, originally scheduled to discuss and vote on the proposed cryptocurrency bill this week, has decided not to do so in order that it can deal with other legislative matters. A deputy chamber that had just returned from a vocational leave discussed additional bills such as digital education, health plans and prisoner matters.
Due to September’s general presidential and legislative elections, the next time the deputy chamber can discuss the bill is in September. Deputies will now be focusing on the campaigns of each state, which means they won’t have time for lawmaking. These are called concentrated effort windows.
The crypto-focused bill has had parts cut. This includes the exemptions from tax for green mining companies. Expedito Netto was the reporteur and stated that such matters must be dealt with in future laws related to clean energy.
Truly troubling circumstances
The Congress has its attention on elections, but people in Brazil who are part of the cryptocurrency community voice their dismay at the state. Critics argued that it would slow down the approval of such bills and reduce the potential benefits for the ecosystem.
Julien Dutra (director of regulatory affairs, 2TM), the holding company for Mercado Bitcoin and one of Brazil’s largest exchanges, exhorted his deputy chamber to devote some time to the referred bill in their next concentrated effort. He said:
With each postponement of the vote, investments and the development of solutions with high potential to change people’s lives are postponed, in addition to the fact that we lose the opportunity to turn off the tap of some serious systemic risks such as fraud prevention, money laundering, and unfair competition.
The bill could be sidelined once more during September’s next concentrated effort window. If that happens, approval and discussion will likely delay until October’s general election.
Recenty, the Central Bank of Brazil director praised Bitcoin (BTC) for being the precursor of Web3 technology. He also talked about how the Digital Real, the Brazilian central bank’s proposed digital currency, could be given smart traits.
Let us know your thoughts about Brazil’s proposed delay to the cryptocurrency bill. Please leave your comments below.
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