If bitcoin becomes legal tender in a huge country like Brazil, it would be a massive business. However, is this plan really on the table? Here are the facts: 1. A bill regulating cryptocurrency has been discussed and approved in the Brazilian Chamber of Deputies, but it still has a long way to go before it becomes law. 2.- The author of the bill, Deputy Oero Ribeiro, said in a recent interview that he wanted cryptocurrencies to be legal tender in the country.
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The question is, are these two facts related? This is what we are here to explore.
Will Bitcoin soon become legal tender in Brazil?
This was the main address at which all encrypted media operated. Their minds connected the first truth with the second, and their articles almost wrote themselves. It was only logical. Unfortunately for their credibility, they were wrong. The second fact is only Aureo Ribeiro’s thoughts and desires, but these thoughts are not on the bill. The bill wants to regulate, exchanges and other service providers to register.
In a Twitter thread, Brazilian journalist Sauri Honorato explains things without leaving anything to the imagination. “The bill makes no indication that bitcoin has become legal tender in Brazil. This bill has been in development since 2015 and granting bitcoin “legal tender” status has never been considered in Brazil.“Indeed, it was searched The bill itself He reveals that he did not mention “Bitcoin” once. Enough said.
2) The recent statement by Representative Oiro Ribeiro (author of the bill) that Brazilians will soon be able to pay at McDonald’s and buy homes with bitcoin is only a subjective opinion. Do not panic.
– Saorihonorato October 4, 2021
To sum it all up, it is a crypto-focused bill whose content has been extensively discussed. Is there anything new there? Honorato again, “In addition, it specifies an increase in the penalty for crimes committed using cryptocurrencies, such as money laundering. If the law is passed, anyone caught laundering cryptocurrency money could be jailed for up to 16 years in Brazil.. “
What did Orio Ribeiro say to the press?
The The interview in question was with Radio Camaracovering the House of Representatives. It happened after the bill was approved, and this may have been the cause of the confusion. The title says it all: “Cryptocurrency regulation will attract new investment to Brazil.” It’s all about cryptocurrency in general. It’s not about Bitcoin in particular. Could this be the case of journalists confusing one term with another? Does Aureo Ribeiro know the differences between Altcoins and Bitcoin?
The quote everyone ran into Comes from Livecoins, whose article states that he is referring to the Bitcoin Code:
“We want to separate the wheat from the chaff, and put the regulations in place so that you can trade, know where to buy, know who you’re dealing with. And you have that asset to buy a house, or a car, or go to McDonald’s to buy a hamburger, it will be currency in the country as it happens in other countries.”
Is Ribeiro talking about bitcoin or cryptocurrency in general? hard to say. One thing is for sure, though, he neither confirms nor guarantees even the last sentence. Even this can be interpreted as wishful thinking.
On Radio Camara’s website, they only mention Bitcoin once to make it clear what cryptocurrencies are. “Cryptocurrencies, the most famous of which is Bitcoin,“They say. When describing the interview, they told us it was actually about regulation and oversight.
The congressman asserts that the text prevents the formation of financial pyramids by groups that commit fraud by buying and selling virtual assets, by specifying that each operator is registered with economic sector bodies, with inspection by the Financial Activities Control Board (Coaf). “
Nobody talks about freedom money. Nobody talks about bitcoin.
BTC price chart for 05/10/2021 on Cexio | Source: BTC/USD on TradingView.com
Conclusion: Who is confused about you?
Among the sources referenced, only Livecoins mentioned the Bitcoin Code. Did they confuse all the crypto journalists? Or did they confuse themselves? Who does not know the difference between Bitcoin and all other cryptocurrencies? Is it Oero Ribeiro or the press? The language barrier prevents us from going too deep to discover all these details, but Saori Honorato answers the most important question, “The bill makes no indication that bitcoin has become legal tender in Brazil.”
6) What now? Last week, the bill was approved by a special committee of the House of Representatives and is now being presented to the House’s plenary session. If approved by the deputies, it proceeds to the Senate to discuss it again, and if approved, it goes to the President.
– Saorihonorato October 4, 2021
Since she was the most reliable source of information, let’s finish that with her quote about the future of the bill. “Last week, the bill was approved by a special committee of the House of Representatives and is now being presented to the House’s plenary session. If approved by the deputies, it proceeds to the Senate for further discussion, and if approved, it goes to the President.”
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Those are the facts. We separated the chaff from the chaff.
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