Brazil has set the ground rolling on a possibility to recognize Bitcoin as a currency. According to the country’s federal deputy, Aureo Ribeiro, the move will enable Brazilians to pay for goods and services using BTC.
While speaking to a local media outlet, the politician said that lawmakers are considering passing an updated version of Bill 2.303/15. The version seeks to put Brazil in the same trajectory as El Salvador and make Bitcoin a legal currency for payments.
Ribeiro’s comments come as the Brazilian “Bitcoin Law” is awaiting consideration by the Chamber of Deputies. The chamber is part of the Brazilian National Congress which also includes the Senate.
The politician praised the bill for being “innovative,” adding that other jurisdictions could refer to it when regulating virtual assets.
According to the federal deputy, how Bitcoin will be regulated will depend on whether the asset will be viewed “as real estate or currency of daily use.”
Apart from recognizing the leading cryptocurrency, the federal deputy is confident that the bill’s passing would guard Brazilians against crypto-based Ponzi schemes. This year, the country’s authorities have dealt with several such scams.
The Brazilian “Bitcoin Law” Separates “The Wheat from the Chaff”
However, Brazil is yet to draw a clear line on crypto. Consequently, this has limited the reach of authorities when dealing with crypto cases.
Ribeiro added that the Brazilian “Bitcoin Law” not only intends to “separate the wheat from the chaff” but also seeks to introduce transparency when buying and selling cryptocurrencies.
The politician expressed confidence in passing the bill, saying that it has already received a positive sign from the government and the Chamber of Deputies’ head, Arthur Lira.
As Brazil prepares to recognize Bitcoin either as an asset or a currency, Shark Tank’s star, Kevin O’Leary, continues to increase his investment into cryptos such as Bitcoin and Ethereum (ETH).
In a recent interview, O’Leary, also known as Mr. Wonderful, revealed that his portfolio contains more crypto than gold. Interestingly, the star noted still trumped support of gold.
According to him, an investor should hold both because they are “two different asset classes.” As such, people should stop pitting Bitcoin against gold.
O’Leary disclosed that five percent of his portfolio contains gold. However, he clarified that he’ll keep the gold as he sees “no reason to sell it.”
“Stay in Gold” If You Don’t Believe in Bitcoin
The Shark Tank star classified investors as either pro-crypto and blockchain or not. If not, Mr. Wonderful said they should “stay in gold as a hedge.”
Notably, O’Leary’s crypto allocation is roughly six percent and wishes to boost it to seven percent before the end of this year. The star has scattered his investments in cryptos and blockchain-focused firms.
“I put many bets out with different companies […] developing products in these areas,” he said.
Mr. Wonderful also disclosed that his portfolio contains more than Bitcoin because there’s more potential in the wider crypto industry. According to the star, “there’s so many ways to invest” since there are many “layer ones [and] and layer two.”
When asked whether the United States government will ban the likes of Bitcoin, O’Leary said that innovations in the crypto ecosystem “are far too interesting for even governments.”
Interestingly, the star’s recent comments show a remarkable shift from his earlier sentiments when he said that the leading crypto is a “giant nothing burger.”
The Pandora Papers Indirectly Identify a “Bitcoin Czar”
In other news, the Pandora Papers have unearthed offshore assets held by a “Bitcoin czar.” However, the investigations by the International Consortium of Investigative Journalists (ICIJ) didn’t provide a name.
According to the ICIJ, the individual had been “sentenced for money laundering in connection with the largest cyberheist in history.” The documents noted that the Carbanak hacker group was responsible for the heist.
In the three years up to 2017, it’s estimated that the gang siphoned over 1.24 billion USD from businesses and banks in over 100 countries.
The ICIJ investigations were recently made public and contained close to 3.0 terabytes of data fished from offshore service providers. Journalists behind the papers claim to unearth assets hidden by politicians and high-profile individuals in 90 countries.
Although the Pandora Papers didn’t provide a name for the “Bitcoin czar,” their description of Carbanak’s presumed commander, Denis Tokarenko, provides vital clues as to the identity of the “Bitcoin czar.”