Bitcoin law in Brazil will boost crypto trading
The word from Brazil indicates that there's genuine interest in creating crypto regulations. The concept will basically give the President of Brazil the ability to create an agency or governing body that oversees crypto trading in the country.
Cointelegraph gathered that the bill is most likely going to be approaved in June. For what it is worth, this bill doesn't mean Brazil will become like El Salvador and other countries that accept Bitcoin as legal tender.
This bill basically gives the president of brazil the power to establish an agency or committee that will oversee cryto trading activities. The agency will also be responsible for creating laws that prevent bad actors from getting involved.
According to the bill, defaulters are subject to up to 8 years of jail time. SO basically, acts of fraud will not be condoned, and rightly so.
The bill was brought about as a result of the perceived demand for virtual assets.
“By joining the projects together, we accelerated the approval of this cryptocurrency milestone. There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements.”
On top of the bill, there are also plans to make Brazil a safe haven for crypto miners. There is a lot of interest in Proof of Work assets, as the publication discusses cost of electricity as a huge factor.
At the time of writing, electricity is quite expensive in the South American region, so the chances of people moving there to mine Bitcoin is slim. However, it is still a pretty awesome move that they're creating a welcoming environment for crypto as a whole.
What about Nigeria?
I obviously have my doubts because of my background. I don't trust politicians because Nigerian politicians are the absolute worst. So while this move by Brazil looks pro-crypto, on the surface at least, I'll always take it with a pinch of salt.
On the other side of the fence, even if it is just another BS virtue-signalling move, at least there's some hope for Brazilians. In Nigeria, the central bank has doubled down on its anti-crypto policies and recently fined some banks hundreds of millions of naira for not reporting crypto activities in their institutions.
The federal election in Nigeria is just around the corner. Politicians are shilling themselves all over the country and conversations about cryptocurrencies aren't being mentioned.
Nigeria has a young population and fertile ground to take the crypto industry by storm but we have boomers in power that don't want that.
In fact, the current central bank governor behind the anti-crypto circulars indicated his interest in becoming President. If that man is elected as president next year, you just know that crypto traders are going to be spending years of their lives in jail.
The whole world is moving forward and trying to be progressive but Nigeria is holding on to boomer views. We're still priding ourselves in oil, and fiat when the government should be working on growing its own crypto portfolio.
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