An initiative by a citizen of the state of Bahia seeks to gather 20,000 votes to transcend. He believes that Bitcoin will soon be the currency most widely used as a store of value worldwide.
Bahia citizen Gustavo Gomes recently went to the website of legislative ideas of the Senate of Brazil. He proposed to pass a law to adopt Bitcoin (BTC) as part of the reserves in the country. He believes that the South American nation should buy at least between 5% and 10% of the total supply of the pioneering cryptocurrency.
According to Gomes, Bitcoin will soon become the currency most widely used as a store of value worldwide. He said that his country needs to keep up with the technological evolution of cryptocurrencies not to be left out.
Any resident of Brazil can propose laws or suggest changes among those in force through the website. However, civil society must support them to move towards the Commission of Human Rights(CHR) and the Participatory Legislation of the Federal Senate.
Since Gomes’ bill is on the website, it has already passed the first step. Only the laws that comply with the terms set by the Senate transcend. Otherwise, the government agency files them.
The ideas posted remain on the website for four months until they receive the support of other citizens. Gomes’ proposal must gather 20,000 votes to move to the CHR, where senators would debate it.
How long the proposal has remained on the official site of the Brazilian Senate is unclear. However, it has barely received 32 votes and has yet to collect 19,968 points before October 19th to complete the required public support.
If the law receives approval for 10% of the Bitcoin supply, Brazil would be buying more than 1,880,000 BTC. The country would become the hugest Bitcoin holder, even if it only bought between 5% and 10% of the cryptocurrency in circulation. For the moment, the address with the most coins owns 168,000 BTC.
El Salvador Inspires Latin American Countries and Other Countries
El Salvador’s Bitcoin Law inspired the legislative idea that Gustavo Gomes sent to the Senate of Brazil. The initiative of the Central American country not only inspired bitcoiners but also awakened the BTC spirit of legislators from various nations.
Brazilian deputy Fabio Ostermann showed his sympathy towards the cryptocurrency through his Twitter profile. He made it clear that he supports BTC by placing the characteristic laser eyes on his face. However, he subsequently removed any sign of support for Bitcoin from his profile.
Russell Okung, a player in the US National Football League (NFL), also drew inspiration from El Salvador’s Bitcoin Law. He even sent a letter to the government of his native Nigeria asking them to follow the example of the Central American nation. The player of the Carolina Panthers team wants them to seek financial sovereignty through a national standard attached to the first cryptocurrency.
No one knows which country will be the second to change its legislation to adopt Bitcoin. Meanwhile, Bank of America believes that the cryptocurrency will bring benefits to El Salvador. Those advantages would include sending remittances, financial digitization, and the possibility of exploring new avenues of business with foreign companies.
The American institution seems to be changing its position on Bitcoin. It previously referred to Bitcoin’s volatility as a hindrance to using it as a store of value or means of payment.
By Alexander Salazar
