The Brazilian Association of Cryptoeconomics (ABCripto) sent a letter to the federal deputies of Brazil sending its full support to PL 4401/01, the Bitcoin Law.

In addition to their support, the member companies of this association demanded that the vote be done as soon as possible, since they are awaiting the results.

“We communicated with the Chamber of Deputies of Brazil to find out when the draft regulation will be voted on. The Chamber responded that the project is urgent and must be voted on soon, but did not provide a specific date,” indicates ABCripto.

According to sources close to the Chamber, this vote could take place this June.

The project puts on opposite sides the exchange houses, which are reluctant to adapt to Brazilian rules, and the already regularized brokers that, when operating in the domestic market, follow a series of regulations that, although not yet mandatory, bring more security and transparency to transactions with virtual assets.

The Federal Revenue Service recently estimated that this market moves around 130 billion reais a year in Brazil, while the Federal Police and the São Paulo Civil Police estimate the damage caused by theft and fraud at 6.5 billion with cryptocurrencies in the last two years.

K. Tovar

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Source: Cointelegraph

La entrada Brazilian exchanges ask for a vote on the Bitcoin Law apareció primero en Bitfinance.

The process of adopting bitcoin as an ongoing currency for El Salvador could have great repercussions on the way remittances are being carried out in that country.

The Central American Bank for Economic Integration (CABEI) made its forecasts regarding the results of this measure, hoping that other nations “pay close attention to the impact of bitcoin in El Salvador.”

The CABEI executive described El Salvador’s bitcoin adoption policy as an “out-of-this-world experiment” that could foster greater financial inclusion in the country. Thus, the regional bank is helping El Salvador to create a technical framework for the use of cryptocurrency.

According to Carlos Sánchez, CABEI’s chief investment officer, the regional bank is interested in helping the nation governed by Nayib Bukele to ensure compliance with global regulations on money laundering as the country tries to use the digital asset as a parallel currency.

K. Tovar

Source: Cointelegraph

La entrada Sending remittances in Central America could suffer changes related to bitcoin apareció primero en Bitfinance.

The International Monetary Fund (IMF) recently issued a series of warnings against El Salvador, regarding the adoption of bitcoin as a national currency.

The financial adviser and director of the agency’s marketing department, Tobias Adrian, together with the adviser of the legal department, Rhoda Weeks-Brown, indicated that the use of cryptocurrency could have a “significant” cost for the region’s economy.

“Government revenues would be exposed to exchange rate risk if taxes are priced in advance on a cryptoasset while expenses remain mostly in local currency, or vice versa,” the executives said.

On the other hand, they assured that monetary policy in general could lose strength, suggesting that the massive adoption of these assets could diminish the credibility of any country.

The IMF post does not specifically refer to El Salvador, which will begin accepting bitcoin as legal tender in September. Adrian and Weeks-Brown said that converting any cryptocurrency into a national currency “is an inadvisable shortcut” to obtain more inclusive financial services.

K. Tovar

Source: Cointelegraph

La entrada IMF talks about El Salvador’s Cryptocurrency Law apareció primero en Bitfinance.

The president of El Salvador, Nayib Bukele, assured that the use of bitcoin in the country will be voluntary after giving details about the Bitcoin Law, with which he hopes that the country will become the first in the world to adopt cryptocurrency as a legal currency.

Thus, the president tried to clarify doubts about the cryptocurrency after the announcement made in early June. Bukele indicated that the use of bitcoin will not be mandatory despite the fact that article 7 of the law speaks of mandatory.

“Nobody has to receive bitcoins if they do not want them“, the president stressed, adding that this legal framework “has nothing hidden.”

However, he stressed that the dollar will continue to circulate at the same time as bitcoin and added that pensions and salaries will continue to be paid in dollars. In this sense, the use of this cryptocurrency will be, above all, “optional”.

K. Tovar

Source: dpa

La entrada Use of bitcoin in El Salvador will be voluntary apareció primero en Bitfinance.

The Parliament of El Salvador has approved this Wednesday the legalization of the use of bitcoin, which will be legal tender in the Central American country together with the dollar, as confirmed by the Legislative Assembly through its account on the social network Twitter.

“In plenary session 7, with 62 votes, the new Assembly approved the ‘Bitcoin Law’, with which El Salvador adopts bitcoin as a legal currency,” said the body, highlighting that the plenary session has supported each one of the 16 articles of the project.

The vote has been applauded by the country’s president, Nayib Bukele, who has said that the country makes “history.” “The ‘Bitcoin Law’ has just been approved by a qualified majority in the Legislative Assembly: 62 out of 84 votes!”, he highlighted.

The law approved by the body states that the use of this cryptocurrency will be “unrestricted with liberating and unlimited power in any transaction and to any title that public or private natural or legal persons want to carry out.”

It also establishes that the exchange rate between the dollar and the bitcoin will be established by the market itself, although for accounting purposes the dollar will continue to be used as a reference, as has been collected by the Salvadoran newspaper ‘La Prensa Gráfica’.

The proposal was unveiled over the weekend by the Minister of the Economy, María Luisa Hayem, within the framework of a world conference on this cryptocurrency held in the US city of Miami.

Source: dpa

La entrada Parliament of El Salvador approves legal tender for bitcoin apareció primero en Bitfinance.