Brazilian Congress’s attempt to vote on a cryptocurrency bill fails, with a September discussion date set.

August 7, 2022

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Brazilian Congress’s attempt to vote on a cryptocurrency bill fails, with a September discussion date set. Brazil’s Congress did not consider a proposed cryptocurrency bill this week. While the proposed public policy was indeed on the agenda, the lower house focused on debating bills that would lead to other issues, including health and digital education. The digital currency bill will be debated again in September. Brazil’s Congress has scheduled a debate and possible vote on a proposed cryptocurrency bill this week, putting it on hold for other legislative matters. The House, which recently returned from a work session, discussed other bills, including health plans, digital education and prisoner issues. Due to the closeness of general presidential and legislative votes, the lower house may later consider this bill in September. That means representatives will focus on their individual campaigns in each of their states, leaving those periods to create legislative commitments. These periods are called windows of concentrated effort. Parts of the cryptocurrency-focused bill have already been cut, including tax breaks for green mining companies, and Expedito Netto, the bill’s reporter, says it should be addressed in future clean energy legislation.

As Congress focuses on electoral issues, members of the cryptocurrency community in Brazil have complained about the situation. Critics pointed out that this would delay the adoption of such legislation and the benefits that it could bring to the environment. Julian Dutra, director of regulatory affairs at 2TM, the holding company of Mercado Bitcoin, one of Brazil’s largest exchanges, advised the chamber to spend some time discussing the bill in the next term. If the bill is rejected again during the next focused work in September, discussion and approval will be postponed until a public vote next October.Recently, the governor of the central bank of Brazil praised Bitcoin (BTC) as a pioneer of Web3 technology and talked about bringing intelligence to the proposed digital currency of the Brazilian central bank, a true digital currency.

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