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So guys, did you hear? Brazil is about to bite the bullet or... in this case... Bitcoin.
According to several media reports, the South American nation is about to vote on a cryptocurrency regulation bill which, once passed, would make it legal for Brazilians to conduct regular transactions in Bitcoin.
And so, who knows? Maybe next time you visit Brasilia, you might be able to buy barbecue with Bitcoin.
But before you break out in a samba, be warned. With legalization, the Brazilian government is also introducing stricter penalties for crypto related crimes, like money laundering.
Now guys, if you're reading this and you haven't invested in a drop of crypto yet, like, what are you waiting for? No, really.
Aaaand this might be the best time to insert my disclaimer. Here goes:
! I am NOT qualified to give any financial advice. Some might say, I am not qualified to give any advice whatsoever, but that's debatable. Any investment you make, however, should only be done after careful research and not because I peer pressured you into it.
So, now that that's out of the way, let's get into it.
Brazil follows El Salvador
Man, all the action is in the Americas these days, first El Salvador and the volcanode, now Brazil.
And before you go poo-pooing this latest development and dismiss Brazil as a small economy, just so you know, Brazil has the ninth largest economy in the world with a nominal GDP of $1.84 trillion and is the largest economy in Latin America
And I know some of y'alls goin' creep around the bill, fingers pressed to page, reading through the fine print in search of any little loophole you can find, but I'll save you the effort.
No, it's not a bill to support crypto criminals.
Brazil is not running a Bitcoin scam.
No, it's not gonna be a haven for money launderers.
In fact, the crypto bill, 2303/2015, is not only focused on Bitcoin's approval for daily use, but also significantly tightens penalties for crypto-related financial crimes. So that's a good thing, right?
For crimes related to money laundering with crypto, an offender can be fined up to two thirds the amount of the laundered money and could face a minimum prison sentence of three to four years or a maximum sentence of 10 to 16+ years.
Anyways, guys, what do you think? Is this bill gonna be passed? And if it does, how do you think this Brazil's approach to legalization will differ from El Salvador's?
I mean, come to think of it, Brazil is no stranger to Bitcoin. It's already traded. There are Bitcoin ETFs in the country. And just a couple months ago, in August, the head of the country's central bank, Roberto Campos Neto, called for better local regulations to embrace crypto.
So, I'm calling it, guys, I'm calling it.
I told y'all, El Salvador was gonna cause an avalanche.
Now watch.
