Brazil’s lower house will not consider the crypto bill till after the presidential elections.
The Brazilian Chamber of Deputies has decided to put the vote on the country’s crypto bill on the back burner, according to a CoinDesk report on Thursday.
According to the report, other legislative issues like a budget guidelines law and a proposed constitutional reform have taken priority. Consequently, the house will no longer consider the crypto bill next week.
It is worth noting that the bill, as reported by The Crypto Basic, first received approval from the Committee on Economic Affairs (CAE) in February. Notably, the bill also received approval in the Senate in April. The legislation so far focuses on tax exemptions for green miners, commensurate punishment for crypto crimes, and regulation of crypto transactions and companies.
According to CoinDesk’s report, the lower house has yet to agree on a final draft for the bill. However, the bill’s rapporteur in the lower house is said to have taken out two articles from the one approved by the Senate.
Notably, Both articles taken out by Netto apply to crypto exchanges. The first requires crypto exchanges not to commingle user funds and that of the exchange. The second requires that exchanges have an Employer Identification Number before they are allowed to pursue a license in the Latin American giant.
It is worth noting that Brazil has adopted the emerging market significantly, and lawmakers have maintained a positive attitude toward the industry. In March, the city of Rio De Janeiro revealed that it would start accepting property taxes in Bitcoin in 2023. In May, the country’s largest digital bank Nubank in partnership with Paxos, revealed that it was launching Bitcoin and Ethereum trading services for customers.
The country’s crypto bill is expected to usher in a new wave of adoption. It was expected to become law this year as it now only needs approval from the Chamber of Deputies and the President’s signature. Notably, it remains unclear what changes may occur should incumbent president Jair Bolsonaro be ousted.
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