Brazilian federal representative Orio Ribeiro has said that Brazilians may soon be able to deal directly with Bitcoin, such as buying homes, cars, and even fast food.


According to Arabiya Net, Brazil is preparing to vote on the cryptocurrency regulation bill, which is expected to be submitted to the plenary session of the House of Representatives within the next few days.

Ribeiro said: "We want to detail and clarify the dealings with Bitcoin, by setting regulations so that you can trade, know where to buy and who you are dealing with."

He added, using this asset, you will be able to buy a house, a car, or go to McDonald's to buy a meal - it will be currency in the country as it has in other countries.

Bill 2.303/15, which calls for the regulation of virtual currencies, was approved for submission last week, according to Yahoo Finance.

If approved by the House of Representatives this week, Brazil will be the first country among the G-20 to pass a law recognizing Bitcoin as an official currency, and it is ranked second in the world as the second Economy recognized after El Salvador.

The Brazilian MP said he was happy with the approval of the bitcoin law, and stressed that Brazilians are already exposed to bitcoin in many places, with the potential to buy, sell and invest in the sector.

However, Ribeiro noted that the market remains unregulated and, as such, does not provide legal recognition.

He was sure that after the bill was approved, many countries could copy his country's regulatory model.

It took the discussions a few years to arrive at a text that finally acknowledges these origins,' he explained.

We have already entered into an agreement with the Central Bank and the Brazilian Securities and Exchange Commission (CVM) regarding the opportunities for this asset and its tacit recognition

.

Ribeiro was careful to stress that the bill had widespread government support and had already been aligned with the Speaker of the House - Arthur Lira - which means there are some obstacles. Others that prevent it from being approved.

Research conducted by Sherlock Communications using research platform Toluna showed that 48% of Brazilians want to adopt Bitcoin, with 31% agreeing and 17% strongly agreeing.