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Brazil’s Senate passed a crypto bill on Tuesday, while the Central African Republic also took a similar step last week.
Brazil is the latest country to pass a law that seeks to regulate cryptocurrencies, joining a growing number of countries around the world that are trying to integrate cryptocurrencies into financial regulatory frameworks.
According to reports the Senate passed the bill on Tuesday.
A Crypto Regulatory Framework
The bill provides for the creation of a regulatory framework tailored to the crypto industry, with the executive branch of the government being charged with legislation.
The government also has the responsibility to form a new regulatory body for the crypto sector. If not, the bill provides that either the Securities and Exchange Commission or the Central Bank will be charged with regulation.
In an attempt to attract crypto-oriented companies to the country, the legislator has included provisions that eliminate import duties for Bitcoin miners.
The bill now goes to the Chamber of Deputies, which, if it passes, will forward it to the president in order to translate it into law. This is to be done by the end of 2022.
The Central African Republic also has crypto regulation in mind
The news that Brazil’s lawmakers passed a crypto law on Wednesday comes a few days after it became known that their colleagues in the Central African Republic had also taken a similar step.
While the initial headlines talked about the fact that CAR had introduced Bitcoin as a legal tender, the truth was that the legislator had passed a law that provided for the creation of a regulatory framework for cryptocurrencies.
On Wednesday, a BNN Bloomberg–Report the country’s finance minister, Herve Ndoba, as confirmation of the move. In comments made in a telephone interview, Ndoba said that the legislation is aimed at making cryptocurrencies legal in the financial system.
But while the law would make crypto legal in the country, the Central African Republic did not want to make Bitcoin or other cryptocurrencies legal tender, as El Salvador did.
El Salvador, whose president Nayib Bukele is a big supporter of Bitcoin, remains the first and so far the only country to have adopted Bitcoin as legal tender.
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