The Brazilian Congress did not address a cryptocurrency bill this week. While public policy proposals are indeed on the agenda, the House of municipalities concentrate on the consideration of bills that deal with other issues, including health and digital education. The digital currency bill is expected to be discussed again in September.
Discussions on the crypto bill suspended by Congress
Brazil’s Congress plans to discuss and possibly vote on a cryptocurrency bill this week, but set it aside to deal with other legislative matters. The House, which had just returned from a period of professional training, debated other bills, including health programs, digital education and inmates.
With the presidential and legislative elections approaching, the next period during which the House will be able to debate the bill will be in September. That means members of Congress will focus on individual campaigns in each state, leaving only that time for legislative duties.
Some parts of the Cryptocurrency Bill have been removed, including tax exemptions for green mining companies. In fact, the rapporteur of the law, Expedito Nettosaid these issues should be addressed in future laws dealing with mining and clean energy.
see more: Crypto.com wins regulatory approval in South Korea, expanding its global presence.
The delay draws criticism from the community crypto local.
Members of the Brazilian crypto community complained about the situation while Congress focuses on electoral matters. Critics point out that this would delay the approval of such a bill and the benefits it could bring to the ecosystem.
Julian DutraHead of Regulatory Affairs at 2TM, urged the deputy chamber to devote time to the next law to focus on the project. As a reminder, 2TM is the holding company of Mercado Bitcoin, one of the largest stock exchanges in Brazil.
He said: “With each postponement of the vote, investments and the development of solutions with great potential to change people’s lives are postponed, in addition to the fact that we lose the opportunity to turn off the tap of certain serious systemic risks such as as the prevention of fraud, money laundering and unfair competition. »
In short, if the bill is sidelined again during the next window of concentrated effort in September, it is likely that its discussion and approval will be postponed until after the general ballot which will take place in October 2023.
Bonus: The rush on crypto regulation in Europe would worry US officials.
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Brazil: vote on congressional crypto bill postponed to September. – Latest News
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