Senators promote public hearings impacting bitcoin mining in Brazil

The Federal Senate this Wednesday (24) discussed the details of Bill No. 412/2022, drafted by former Senator Chiquinho Feitosa (DEM/CE), in a public hearing this Wednesday (24). And one of the joint projects is about the idea that financial assets like bitcoin, for example, prove the importance of the debate.

Such an idea would even form the basis for Bill No. 2.122/2021, authored by Senator Weverton (PDT/MA), which calls for “the creation of a regulatory framework for financial assets related to the mitigation of emissions of greenhouse gases”.

In justification, Weverton, presenting his project, stated that a regulatory framework becomes viable with the example of bitcoin, a currency that was born unknown and quickly underwent extreme appreciation.

“The regulatory framework is fundamental to the legal certainty needed to gain scale in the negotiation of financial assets related to lower emissions and carbon capture. For skeptics who doubt the creation of this market, we point to the example of the digital currency Bitcoin, which was born as something absolutely incipient and today turns billions of dollars, including trading on the exchange. The current conversion of a Bitcoin unit is equivalent to BRL 290,000, to give you an idea of ​​the power of this cryptocurrency.”

PL 2.122/2021 is being processed together with PL 412/2022 and may be approved in the future.

Approval of the bill could affect bitcoin mining in Brazil

At Wednesday’s public hearing (24), senators, members of government and the private sector discussed the future of Brazil’s carbon market.

In short, everyone believes that a future law to regulate the sector is necessary and that it should make Brazil one of the world’s pinnacles in the growing industry.

In any case, the advent of a new carbon emissions regulatory framework for the bitcoin mining market could represent a new opportunity, both for companies operating in Brazil and abroad.

This is because companies with high gas emissions in Brazil can seek carbon credits to offset their activities. In addition, mining companies that emit less gases can take advantage of this to sell their credits and improve their profitability.

However, there will be further debates over the carbon credit negotiations as the country evaluates how best to implement it.

Company Invited For Public Hearing Invested In Blockchain

One of the companies that sent representatives to the public hearing this Wednesday was MyCarbon, part of the Minerva Foods Group, with shares listed at B3.

CEO Eduardo Bastos said his company is already negotiating carbon credits and expects to invest much more in Brazil in the future.

It is worth remembering that on May 18, 2023, Minerva sent a notice to the market regarding the BRL 2 million investment in Bluebell. The company is yet another company working with assets tokenized on blockchain to offset carbon credits.

“Bluebell is a Brazilian climate technology company specializing in the development of environmental assets, “Bluebells”, which encompass carbon, hydrology, soil and biodiversity in a unique environmental measure, in an opportunity to maximize the income of rural properties. The “Bluebells” are digital (tokenized) environmental assets, 100% traceable via blockchain technology and with which, for example, positive environmental impacts, such as carbon credits, can be offset. Minerva has completed the US$ 2 million investment in the financing round (Series Seed) of Bluebell.”

Everything indicates that the carbon market in Brazil should soon be regulated. According to Environment Committee (CMA) Chair, Senator Leila Barros (PDT/DF), Senate President Rodrigo Pacheco (PP/MG) has requested accelerated work to prepare a text by the end of 2023.

Source: Live Coins

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