Brazil: Bitcoin law is approved

After publication in the Official Gazette, there will be a period of 180 days for the law to enter into force.

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After no veto or pronouncement by the president of Brazil, Jair Bolsonaro, the Bitcoin bill, registered under the number 4.401/2021, was automatically approved today, as provided by the Brazilian legislative process.

After being approved in the House of Representatives, the legislative proposal had a period of 15 days to become official law or to be vetoed by the president.

If after this time, the president does not announce any decision, then the Bitcoin Law “is tacitly approved” and can be enacted by the president of the Senate, as detailed on the Senate’s official website.

Read Also: Brazil community teaches children to use bitcoin at school

Once the term has expired, and given the silence of the ruler, the Bitcoin Law can be considered as approved, however, it is now up to the Legislative Power to make the solemn proclamation.

The next step is for the bill to be published in the Official Gazette or gazette of the nation and once this happens, a term of 180 days must elapse for the regulation to enter into force.

Likewise, it remains to be defined which will be the body in charge of regulating cryptocurrencies in Brazil, a position that many expect will fall on the Central Bank, although if so, there could be a legal incongruity.

Taking into account that the Central Bank of Brazil currently has a law in force to regulate payment companies, this could be in contradiction with the Bitcoin Law.

There would be a double regulation on cryptocurrency brokers or exchanges, as pointed out by lawyer Carvalho Borges, as reported by local media.

Read Also: Brazil recognizes Bitcoin as a means of payment and investment

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