Bitcoin Will Become Currency in Brazil Soon, According to Federal Deputy Aureo Ribeiro

Aureo Ribeiro, a federal deputy in Brazil, stated that bitcoin might become a recognized currency in Brazil soon, during an interview with local media. The politician stated that Brazilians may be able to purchase houses, cars, and even fast food at McDonald’s with cryptocurrency in the near future. Bill 2.303/15, which regulates cryptocurrencies, might approve the legal use of the asset, similar to El Salvador.

Bitcoin Might Become Regulated Currency in Brazil

Bitcoin might become a regulated currency for payments in Brazil in the near future, according to statements given by Aureo Ribeiro, a federal deputy. Ribeiro stated that with the future approval of Bill 2.303/15, which regulates cryptocurrencies, new uses would be open for crypto holders, such as buying houses, cars, and even food in restaurants like McDonald’s.

These comments are the product of the approval of the so-called Brazilian “Bitcoin Law” for presentation in the Plenary of the Chamber of Deputies, after being stuck in development for years. Ribeiro also stated that, by its design, this law could be a referent for other countries wishing to regulate digital assets, saying its text is “innovative.” In this sense, Ribeiro stressed:

We debated a few years there to arrive at a text that recognizes this asset… which will be regulated by a government agency, because we will work with the Central Bank and the CVM, depending on how this asset will be recognized, such as real estate value or currency of daily use.

Controlling Ponzi Schemes

Ribeiro is also very positive about the effect this law is expected to have in protecting citizens from Ponzi schemes in the sector. Brazilians have been especially hit hard with these scams, with the authorities having to act against the promoters of these alleged Ponzi schemes several times this year. However, cryptocurrencies in Brazil are still a gray area, and authorities are limited in the scope of their ability to control these companies. Ribeiro stressed that with this law, the government wants to:

Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with.

To conclude, the federal deputy said that the law project had support in the government, and it has also been discussed with Arthur Lira, president of the Chamber of Deputies. To Ribeiro, is just a matter of time for the law to be approved.