Bitcoin could become a regulated currency in Brazil in the near future. This according to Aureo Ribeiro, a federal deputy in Brazil. In an interview with Radio Camara on September 30, Ribeiro stated that the future approval of Bill 2.303/15, which regulates cryptocurrencies, will open doors to new uses for crypto holders, such as buying houses, cars, and even food in restaurants like McDonald’s.

Two weeks ago, a new study revealed that 50% of Brazilians would like Bitcoin as legal tender in the country.

Ribeiro’s comments are the result of the approval of the so-called Brazilian “Bitcoin Law” to be put in fronts of the Plenary of the Chamber of Deputies. The law that has been in development for years, could by its design, be a referent for other countries who also look to regulate digital assets, the deputy said. The content of the law, Ribeiro noted, is “innovative.”

“We debated a few years there to arrive at a text that recognizes this asset… which will be regulated by a government agency, because we will work with the Central Bank and the CVM, depending on how this asset will be recognized, such as real estate value or currency of daily use.”

Safe from Ponzi schemes

Ribeiro believes the law perfectly addresses consumer protection as citizens will be shielded from Ponzi schemes in the financial sector, scams that hit Brazilians hard a few times this past year.

People wanting to buy, sell or transfer cryptocurrencies in Brazil are still operating rather unprotected and in a gray area. Ribeiro stressed that his bill will change this:

“Separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with.”

Ribeiro is positive that the law will soon be approved, since it has substantial support in the government, including Arthur Lira, president of the Chamber of Deputies. If it does indeed get the thumbs up from the Chamber of Deputies this week, then Brazil looks set to follow El Salvador’s example and make the number one cryptocurrency, Bitcoin, legal tender.

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