The draft bill, which received a green light from a Senate committee in February, is now headed to the Chamber of Deputies and, if approved, to the country’s president.
Brazil is moving forward with its central bank digital currency plans, and in the latest move, it has picked nine firms to explore digital real possibilities, including the region’s largest digital currency exchange.
The bill has been in the works for three years and was unanimously approved by a Senate committee. It legally recognizes Bitcoin and regulates its use.
The Seattle startup, known as Kaj Labs, published a PR claiming it was working with the central bank of Brazil on digital real trials, which the bank has refuted.
Federal Deputy Luizão Goulart’s proposal seeks a new law that provides workers in Brazil the right to request digital currency as a mode of payment from employers.
Brazil’s parliament is expected to debate a bill that would officially recognize BTC as legal tender and allow citizens to use it as payment for goods.
Brazil will raise the penalty for laundering through digital currencies to two-thirds of laundered money and prison sentence to 16 years and eight months.
The new digital currency platform will initially offer BTC and Ethereum as two main currencies, but plans to include other digital currency options.
The $29 million was seized from a BTC consultancy in Rio de Janeiro and the founder arrested, alleging that he moved billions in his BTC pyramid scheme.
The president of the Brazilian central bank revealed that the bank is looking to regulate digital currencies even as it continues to develop its CBDC.
Brazilian civil police seized R172 million ($33.3 million) from two individuals and 17 legal entities, as part of the Operation Exchange covering six warrants in Diadema, Sao Paulo.