If Bitcoin becomes legal tender in a massive country like Brazil, it would be monumental. However, is that plan really on the table? Here are the facts: 1.- A bill to regulate cryptocurrencies was discussed and approved in Brazil’s House of Representatives, but it still has a long way to go before it becomes law. 2.- The bill’s author, deputy Aureo Ribeiro, said in a recent interview that he wants cryptocurrencies to be legal tender in the country.
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The question is, are the two facts connected? That’s what we’re here to explore.
Will Bitcoin Be Legal Tender In Brazil Soon?
That was the headline the whole crypto-media ran with. Their minds connected fact one with fact two and their articles almost wrote themselves. It was only logical. Sadly for their credibility, they were wrong. The second fact is only Aureo Ribeiro’s thoughts and wishes, but those ideas are not present on the bill. The bill aims to regulate cryptocurrencies and wants exchanges and other service providers to register.
In a Twitter thread, Brazilian journalist Saori Honorato clears things up leaving nothing to the imagination. “the bill DOES NOT make any mention of bitcoin becoming a legal tender in Brazil. This bill has been in development since 2015 and giving bitcoin the status of ‘legal tender’ is something that has never even been considered in Brazil.” In fact, a search on the bill itself reveals that it doesn’t mention “Bitcoin” once. Enough said.
2) The recent statement of deputy Aureo Ribeiro (the author of the bill) in which he says that brazilians will soon be able to pay at mcdonald's and buy houses with bitcoin is nothing but a personal opinion. Don't get confused.
— Saori Honorato (@saorihonorato) October 4, 2021
To sum it all up, it’s a cryptocurrencies-focused bill whose content has been heavily discussed. Is there something new in there? Honorato again, “An extra of the bill is that it determines the increase in the penalty for crimes committed using crypto, such as money laundering. If the law is approved, anyone caught laundering money with crypto could get up to 16 years in prison in Brazil.”
What Did Aureo Ribeiro Say To The Press?
The interview in question was with Radio Camara, which covers the Chamber of Deputies. It happened after the bill was approved, that