there are more pressing matters – The House of Representatives of Brazil was supposed to discuss it cryptocurrency account, during the first weeks of August. Apart from sometimes disproportionate media reactions and to the detriment of the impatient, in fact, the teasing about the adoption of this new cryptocurrency law is likely to take some time.
Real movement or simple agitation
Did the recent announcement that rocked the cryptosphere, especially the Brazilian crypto industry, finally give birth to a mouse? Brazil’s cryptocurrency law, numbered 4.401/2021, was scheduled to be debated in Brazil’s Chamber of Deputies during the first week of August.
Although the head of the federal government in the House, Ricardo Barros, hinted that the project could be approved by parliament during this session, he made it clear that there is still no there is no information about holding a possible vote of the project.
At the time of writing, no official press release or any other media has reported the adoption or rejection of this cryptocurrency bill.
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Pre-election management at the expense of cryptocurrencies?
Officially, the House could push the voting or even the discussions about this law to the background, because it had to prioritize and consider other topics that would be more urgent.
Unofficially, however, the electoral calendar in Brazil does not favor a possible vote on the cryptocurrency bill. The next presidential election is on October 2 this year, and the agenda could push the congress refrain from actually talking about sensitive topicswhich could earn them the wrath of their constituents.
The project was approved by the Brazilian Senate last April therefore, it may still have to wait and wait for the results of the next presidential election, before moving on to the next phase.
Multiple crypto account in Brazil
Cryptocurrency miners are on the list of biggest beneficiaries of this possible new regulation of the sector in Brazil.
The bill not only legalizes mining, but also includes provisions that set the conditions for a tax exemptionfor mining operations that supply their machines entirely with electricity from renewable energy sources.
But the bill also aims to strengthen the power available to the authorities, to oversee certain key actors, and in terms of cracking down on fraud and other crimes in the sector.
In this regard, the draft law envisages the establishment of a a single regulator overseeing crypto exchanges in the country. It also defines a new type of crime related to cryptocurrencies, when determining severe penalties against the individuals or companies concerned.
On paper, it could become Brazil the new Bitco El Doradoin. However, gambling and political uncertainty could just as well change the game and reverse current progress.
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