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Brazil’s senate committee approves Bitcoin bill.The bill is to bring regulatory clarity to the space as well as clamp down on illegal activities.The spokesperson for the committee believes if it becomes law, there would be an increased adoption of cryptocurrencies.

After nearly 3 years of deliberation, Brazil’s Senate Committee on Economic Activities has approved the crypto bill. If passed, it would make them the largest Latin American country to do so.

On their official website, the Brazilian Senate committee revealed that they had unanimously approved the country’s crypto bill, bill PL 3825/19. It is interesting to note that the bill was initially crafted in a joint effort by Senator Flavio Arns, the original author, along with the Central Bank, the nation’s Security and Exchange Commission, and the tax authorities.

The bill’s approval by the committee is the beginning of a process that could end with Brazil having clear regulations to direct everyday transactions using cryptocurrencies in the country. If approved in the Senate and lower house, the next step is to forward it to the President for assent into law.

Tax breaks for Bitcoin miners and regulations to combat financial crime in the space are proposed in the bill. In a bid to encourage green mining of Bitcoin, miners who use renewable energy sources would be exempted from import tax under the bill. The bill also places emphasis on anti-money laundering regulations in order to combat illicit activity in the nascent market.

Senator Iraja Abreu, the appointed spokesperson for the committee, said, “The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion, and many other crimes. There is a market that is licit, legal, which is the vast majority of this market, but there are exceptions.“

If the bill is passed, it is likely that there will be increased adoption of cryptocurrencies in the country, even institutionally, as they can now be clear on the requirements to remain compliant. “Once this regulation is approved,” Abreu told Bloomberg on a conference call, “the trend is that (crypto) will be increasingly adopted in the supermarket, in commerce, and in car dealerships.”

Latin American countries seem to be keenly interested in the crypto space. The most popular of them at the moment is El Salvador, which has adopted Bitcoin as legal tender and launched a Bitcoin-backed bond.

While international bodies like the IMF remain opposed to El Salvador’s position, the country has seen a boost in tourism following the passing of its Bitcoin law. Cuba also disclosed in 2021 that it was moving to recognize and regulate digital assets like Bitcoin, saying it was for “reasons of socio-economic interest.”

Early this year, Nayib Bukele, El Salvador’s president, expressed his belief that two more countries will adopt Bitcoin as legal tender this year.

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