Crypto is becoming a common subject in legislative bodies’ debates all around the world. A multipartisan group has requested to dedicate a Brazilian Senate session to discuss the state of crypto markets in the country. The meeting, titled “Cryptocurrency Market: The Future Of Finance and Digital Economy,” aims to examine the advantages and challenges that rising cryptocurrency adoption will bring to Brazil.

This adoption growth is part of the hearing justification. The 13 deputies that requested this meeting, helmed by Senator Jorge Seif, argue that digital assets will grow to be used by a large degree of the population by 2030.

Brazil has consistently ranked among the countries in Latam and the world with the biggest crypto adoption, and the size of its economy makes it attractive for crypto companies. The hearing request seems to focus on establishing a base for subsequent hearings, mentioning elements like Ethereum 2.0, decentralized finance solutions, and non-fungible tokens (NFTs) as part of a natural push for financial democratization.

Also, the hearing document touches on the subjects of sustainability, green mining, the existence of crypto ponzi and pyramid schemes, and the balance that regulatory frameworks must establish between innovation and consumer protection.

Local media stresses that the request for a hearing to discuss digital assets highlights how crypto has become a serious matter for Congress, and how lawmakers are actively trying to understand the field to enact better laws for the industry.

The introduction of a bill to establish a strategic bitcoin reserve in Brazil by Federal Deputy Eros Biondini underscores bitcoin’s relevance as a reserve asset for the Brazilian Congress. The proposal, which aims to use 5% of the country’s foreign reserves to purchase bitcoin, would put Brazil on the map as the first nation to do so.

Read more: Brazil Introduces Bill to Establish Strategic Bitcoin Reserve

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