Brazil Takes First Step To Regulate Bitcoin

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The Brazilian Senate’s Economic Affairs Committee (CAE) approved a bill on Tuesday to acknowledge and regulate the Bitcoin and cryptocurrency markets in the country, according to an official statement.

CAE’s unanimous approval of PL 3825/19 – a bill authored in 2019 by Senator Flavio Arns but jointly crafted with the central bank, securities exchange commission (CVM), and federal tax authority (RFB) – represents an initial step for a bill that attempts to create ground rules for the day-to-day usage of bitcoin in financial transactions and as an investment asset.

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