Brazil's Senate Announces Impending Approval of "Bitcoin Law"

The bill regulating the Brazilian crypto market is expected to be approved by the National Congress in the first half of this year. The legislation, which has been debated in the Chamber of Deputies since 2015, has already been approved in the first round of deliberations. The Senate attached it to another bill focusing on crypto, which has already been approved by the Senate Economic Affairs Committee. Two lawmakers, Senator Irajá Abreu and Representative Aureo Ribeiro, both rapporteurs of the said proposal in their respective legislative chambers, are drafting a unified text of the bill that will be submitted to the full Senate for a vote. It is understood that the approval of the law by the plenary will not make Bitcoin a legal tender in Brazil, as it has in El Salvador.