Cryptocurrencies will not be regulated in Brazil until the presidential election

The Brazilian Congress has postponed the discussion of the cryptocurrency regulation bill until the fall due to the election campaign.

As it has become known, Brazilian deputies are focused on election campaigns and therefore do not have enough time to consider the law on cryptocurrencies. The presidential election in Brazil is scheduled for October 2, and before that, according to the head of the Chamber of Deputies, Ricardo Barros, Congress should not discuss sensitive issues that could affect the course of the presidential election (for example, if one of the presidential candidates supports the introduction of national digital assets, while the other is strongly opposed).

Earlier in April, the Brazilian Senate passed a bill to regulate cryptocurrencies, which will be approved by Congress and then signed by the newly appointed president. The interest of politicians in discussing this bill came after persistent demands from the Central Bank — the CBB plans to issue its own digital currency and needs a regulatory framework.