The Brazilian Congress failed to address a proposed cryptocurrency bill this week. The proposed public policy was indeed on the agenda, but the deputies concentrated on debating bills that tend to other issues, such as health and digital education issues. The digital currency bill will be discussed again in September.
Brazilian Congress hears debate on crypto bill
The Brazilian Congress had scheduled a debate and possible vote on the proposed cryptocurrency bill for this week, but sidelined it to address other legislative issues. The Vice Chancellor, who recently returned from his professional term, discussed other bills, including health plans, digital education, and prisoner issues.
The next period when the Vice Chair can discuss this legislation is scheduled for September, due to the upcoming presidential general election and legislative votes. This means that the deputies will concentrate on their individual campaigns in their respective states, leaving only this period to develop their lawmaking work. These periods are called periods of concentrated effort.
Several pieces of crypto-focused legislation have already been cut, including tax exemptions for green mining companies, as the law’s reporter, Expedito Netto, said these issues should be addressed in subsequent legislation dealing with clean energy issues.
Troubling Situation
While Congress is focused on election issues, those in Brazil’s cryptocurrency community are complaining about the situation. Critics pointed out that it would delay the approval of such a bill and the benefits it might bring to the ecosystem.
Julien Dutra, director of regulatory affairs at 2TM, the holding company of Mercado Bitcoin, one of Brazil’s largest exchanges, urged the deputies to devote some time in the next intensive period to discuss the referred bills. He said,:
Every time a vote is postponed, the development of investments and solutions that are likely to change people’s lives is postponed, and we also lose the opportunity to turn off the faucet on serious systemic risks such as fraud prevention, money laundering and unfair competition.
If the bill is sidelined again in the next intensive debate window in September, discussion and approval could be postponed until after the public vote next October.
Recently, the director general of the Central Bank of Brazil praised Bitcoin (BTC) as a pioneer in Web3 technology and talked about giving the digital real, the proposed digital currency of the Central Bank of Brazil, smart features.
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