A Brazilian went to the legislative ideas portal of the Senate of Brazil where he proposed the approval of a law for his country to adopt bitcoin (BTC) as part of its reserves. Gustavo Gomes, a resident of the state of Bahia, believes that the South American nation should buy at least between 5% and 10% of the total supply of the most valuable cryptocurrency on the market.
Gomes believes that bitcoin will soon be the most widely used currency as a store of value worldwide . «Our country needs to keep up with this technological evolution of cryptocurrencies. We cannot be left out ”, he points out on the portal.
In Brazil, any resident can register on the portal to propose laws or even suggest changes between those that are in force. However, these must have the support of civil society so that they can move towards the Human Rights Commission (HRC) and Participatory Legislation of the Federal Senate.
Gomes’ proposal exceeded the first step, since all the legislative ideas put forward by the Brazilians are previously evaluated before being published on the portal. Only those that comply with the terms established by the Senate and, those that do not, are archived.
Once published, the ideas remain on the portal for 4 months to receive support from other citizens. In this sense, Gomes’ proposal must gather 20,000 votes to be referred to the CHR, to be debated by the senators, as indicated by the legislative ideas site.
It is not clear how long the proposal has been published on the official site of the Brazilian Senate, but at the time of writing this note has only 32 votes and has until October 19 to collect the 19,968 points that are missing to complete the required public support.
For To have an idea of the magnitude of the proposal, we can calculate the amount of BTC that Brazil would buy if the legislative idea advances. For example, if the current circulation of bitcoin is approximately 18 million, the 5% is about 940,000 bitcoins, which is equivalent to 37,000 million dollars .
If the law were approved for 10% of the bitcoin supply, then Brazil would be buying more than 1,880,000 bitcoins. In any case, the country would position itself as the largest hodler in the world , regardless of whether it buys 5 or 10% of the cryptocurrency’s currency, since for now the largest address holds 168,000 BTC.
El Salvador inspires Latin American countries and other nations
The legislative idea addressed to the Senate of Brazil is inspired by the Bitcoin Law of El Salvador , according to what was indicated by Gustavo Gomes in his proposal. In fact, this initiative of the small Central American country not only inspired the bitcoiners, but also came to awaken the BTC spirit of the legislators of several nations.
Among those disputed who revealed their sympathy towards the Cryptocurrency was the Brazilian Fabio Ostermann who through his Twitter profile made his support clear by placing on his face the characteristic laser eyes that BTC supporters show. Although he later removed from his profile any sign that he supports bitcoin.
The Law Bitcoin from El Salvador also inspired Russell Okung , player of the National Football League (NFL) of the United States. The Carolina Panthers team figure even sent a letter to the Government of her native country, Nigeria, to follow in the footsteps of the Central American nation. His idea is that the nation seeks its financial sovereignty through a national standard attached to the pioneer of cryptocurrencies.
Until now, it is unknown which will be the second country to make changes in its legislation to adopt bitcoin. Meanwhile, Bank of America believes that cryptocurrency will bring benefits to El Salvador with regard to sending remittances, their financial digitization, as well as the possibility of opening channels of business with foreign companies.
As reported by CriptoNoticias, the US institution seems to be changing its perspective regarding bitcoin since in the past it has referred to the volatility of bitcoin as an obstacle to its usefulness as a reserve of value or means of payment.
