Bitcoin Law
Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies
Brazil’s Senate has passed the country’s first bill governing cryptocurrencies in a plenary session, which will set the stage for the creation of a regulatory framework for the country’s crypto industry. The bill must be approved by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law in the country. This is expected to occur by the end of 2022, according to experts who spoke with Cointelegraph Brazil. The session that approved the project was chaired by Senate President Rodrigo Pacheco who said: “I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.” Federal Deputy Aureo Ribeiro first proposed the bill in 2015. The bill was then approved in the Se...
New bill aims to ‘mitigate risks’ to US from El Salvador’s Bitcoin Law
A bipartisan group of senators introduced legislation in the U.S. Senate which seeks to mitigate perceived risks posed by El Salvador’s adoption of Bitcoin as a legal currency. The proposed Accountability for Cryptocurrency in El Salvador Act (ACES) aims to “mitigate potential risks to the U.S. financial system” such as money laundering and terrorism funding. The bill was introduced by Republican Senators Jim Risch and Bill Cassidy with Democratic Senator Bob Menendez signing on. Senator Risch wrote in the Feb. 16 announcement that: “El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.” Senator Cassidy wrote that “recognizing Bitcoin as official currency op...
