Brazilian congressman proposes a crypto payment bill

Brazilian congressman proposes a crypto payment bill 2

Federal Deputy Luizão Goulart proposed a bill to Legalise the crypto payments for the workers and employers in Brazil. If this bill gets signed then it will come into use after 90 days.

In the past, we heard a lot of news about Brazil’ plan to legalise crypto-based payments but now the initiative of the crypto-based payment system is moving one step more closer. However, earlier this some officials of Brazil talked about and formerly claimed that they are planning.

In the latest, a Brazilian congressman- Federal Deputy Luizão Goulart- proposed the bill to bring a framework to legalise the crypto-based payments for the citizens in Brazil. However, the bill will be applicable in the circumstance of the mutual agreement of the workers and employers. According to the simplified version of the bill: 

“The limits of the percentage of payment (remuneration) in cryptocurrencies will be of the worker’s free choice. Any imposition by the employer will be prohibited.”

The main aspect of the proposed bill is to bring advancement in the traditional payment system by adopting the bitcoin payment to achieve decentralized nature in the financial system by eliminating the trust from a single person or Central bank. 

If this bill gets final approval then this bill establishes a mechanism between workers and employers to agree with the percentages of remuneration in crypto and fiat. 

“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.”

On this bill, Deputy Goulart stated that there is a need to establish a better global economy to make the whole system more favourable to the citizens and have a better quality of life. 

Brazil against crypto crime 

With the increasing engagement with the crypto-related bills, Brazil’ officials are also aware of the associated high risk. To prohibit any kind of illicit activities, Brazilian regulators introduced a bill against the crypto associated crime. Under the passed bill, a criminal may face a fine of one-third of the amount of laundered money to two-thirds while the prison time has been increased from 10-16 years and 8 months.

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