Brazilian Senate approves bill on cryptocurrencies

The Brazilian Senate has passed a bill to regulate cryptocurrencies at its plenary session.

This does not mean that the bill will be fully adopted by the parliament, as it must now be approved by the Chamber of Deputies. Only then will it be sent to President Jair Bolsonaro for signature.

Analysts say that if the draft is not sent for revision, the law on cryptocurrency regulation may come into force in 2022.

The interest of politicians in discussing this draft law has emerged after persistent demands from the Central Bank — the CBB plans to issue its own digital currency and needs a regulatory framework.

Lawmakers also announced that the cryptocurrency market in the country grew by 6%. In total, 215 billion Brazilian reais were bought/sold in 2021.