A special commission of the Brazilian House of Representatives approved draft Bill 2.303/15 introduced by Deputy Aureo Ribeiro in September. It was then presented to the Plenary of Chambers for chamber approval to legalize digital currency such as Bitcoin in the country.
Brazil’s central bank president, Roberto Campos Neto, supports digital currency regulation. Neto stated in an online event that there are numerous discussions underway with Brazil’s Securities and Exchange Commission about how to ensure the digital currency space is regulated. He also stated that the financial market is changing so rapidly that everything is becoming data. We must reshape the regulatory landscape.
Goulart’s proposal calls for a new law that would give Brazilian workers the right to request digital currency as a form of payment from their employers. However, the bill states that before digital currency payments can be made, employees and employers must agree.
If the new bill is signed into law, it will create a consensus for determining remuneration percentages in digital currencies and fiat between employees and employers.
“Most importantly, the proposal will help collaborate in the resolution of the ‘cash’ problem of the Federal, State and Municipal governments by offering payment alternatives, and at the same time, moving a gigantic Market Economy that lies ahead.”
The bill reflects the current evolution of finance, in which decentralization is emerging, preventing a single person or central entity from controlling the system. Globally, the finance sector is gradually transitioning from a barter system and fiat currencies to digital currency. If the bill is approved, it will become law 90 days after it is approved.