As a consequence of Goulart’s plan, all Brazilian workers will be allowed to request payment in cryptocurrency from their employers in the future. However, employees and their employers must first agree to let crypto payments take place before this is permitted by law. In the bill’s translated text, it reads that in the future, the worker will have complete control over how much of their income will be made in bitcoin. Therefore, the employer is not allowed to impose any additional responsibility on the employee.
Focus on Decentralization
The legislation shows a focus on decentralization, which minimizes the dependency on “a single individual or central institution” by going from bartering through fiat money to Bitcoin (BTC) and back again. As a result of Goulart’s bill becoming law, there would be an agreement between workers and employers on the proportions of bitcoin and fiat money compensation.
Goulart reveal the aims of the bill
He claims that the bill will enable the government would help alleviate the “currency” issues they experience by providing payment choices while simultaneously creating the enormous Market Economy that is yet to come. To have the idea approved at one point in his argument, Goulart said, “A global economy that enhances individuals’ daily lives and secures a high level of life” is needed. After being passed by the Senate, the bill will become law in 90 days.
Increased punishment for crypto criminals
The Special Committee of the Chamber of Deputies of Brazil passed legislation that allows the prosecution of financial crimes using bitcoin in a unanimous vote. The penalties for money laundering and the mandatory minimum prison terms for related crimes have been increased in recent regulatory modifications, both of which were previously decreased. Money laundering is now punishable by a fine equal to two-thirds of the amount laundered. In addition, the maximum prison term has been doubled from ten to sixteen years and eight months.
He sheds more light on regulations
He claims that without regulations, it is hard to know what to do.” As a consequence of these modifications, the Brazilian market is expected to expand and adapt. Brazilian politician Aureo Ribeiro declared that “profiteers will no longer employ technology to deceive millions of Brazilians.”
Brazil’s crypto acceptance
Several hopeful signs of rising development and usage of cryptocurrencies in Brazil have surfaced in recent months. According to the Wall Street Journal, the governor of Brazil’s central bank asked the country’s government to embrace cryptocurrency by amending local law earlier this year. Several other cryptocurrency exchange-traded funds (ETFs) were launched on the Brazilian Stock Exchange earlier this year, and trading for a new Bitcoin ETF started in June.
Source: Investing.com/brazil
