The bill, which creates the legal basis for the circulation of cryptocurrencies in Brazil, is on the agenda of the Chamber of Deputies and should be considered this week.
The first version of the bill was submitted to the Brazilian National Congress in December. However, despite pressure from a number of participants in the cryptocurrency industry, the deputies repeatedly postponed and postponed the vote.
The latest reason for postponing the hearings of the bill on cryptocurrencies in the lower house of parliament was the preparations for the elections. This was announced to the public by the head of the Chamber of Deputies, Ricardo Barros.
“During the election campaign, Congress should not discuss sensitive issues that could sway the electorate in one direction or another,” explained the speaker of the lower house.
At the end of last week, the Brazilian media became aware that the bill on cryptocurrencies is scheduled to be discussed on November 22. According to journalists, a transitional transition period for newly elected President Luiz Inácio Lula da Silva, may open space for a vote on the bill in the Chamber of Deputies.
The Folha de S. Paulo newspaper last week quoted lower house speaker Arthur Lira as saying the house was ready to vote on the law before the end of the year.
The country’s cryptocurrency community is calling on lawmakers to give final approval to the bill. Roberto Dagnoni, CEO of Brazilian exchange Mercado Bitcoin’s backing company 2TM, said the law had “fallen by the wayside” during the election period but should now be a priority, especially amid the collapse of FTX.
Former president of the country’s blockchain association, Fernando Furlan, expressed hope that the FTX story would be “push enough” for MPs to pass the law. Furlan added that while the law could make so-called “dot-com crypto exchanges” and smaller groups more difficult to operate due to higher reporting standards, a compromise would be reasonable.
However, sources close to the legislative process in Brazil say that the fact that the vote is on the agenda says nothing. Parliament is focused on constitutional amendments and preparation of the 2023 budget.
According to the filing for bankruptcy of the FTX cryptocurrency exchange, the amount of debt obligations of the platform to the 50 largest creditors is $3.1 billion.
Source: Bits
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