Bitcoin will soon become a currency in Brazil, says MP Aureo Ribeiro – Bitcoin News

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Aureo Ribeiro, a federal deputy in Brazil, said bitcoin may soon become a recognized currency in Brazil, 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, could approve the legal use of the asset, as in 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 said that with the future approval of Bill 2.303 / 15, which regulates cryptocurrencies, new uses would be opened up for crypto holders, such as buying homes, cars and even food in restaurants like McDonald’s.

These comments are the product of the approval of the so-called Brazilian “Bitcoin Law” for presentation in the plenary session of the Chamber of Deputies, after being stuck in development for years. Ribeiro also said that by design this law could be a benchmark for other countries wishing to regulate digital assets, saying its text is “innovative.” In this sense, Ribeiro underlined:

We debated a few years ago to arrive at 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.

Controlling 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 particularly affected by these scams, as authorities have had to act several times this year against the promoters of these alleged Ponzi schemes. 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 buy, 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.

What do you think of a “Bitcoin law” in Brazil? Tell us in the comments section below.

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