Brazil’s Senate has passed the country’s first Bitcoin bill governing cryptocurrency in a plenary session, which will set the stage for the creation of a regulatory framework for the country’s crypto industry.

The bill must be approved by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law in the country. This is expected to occur by the end of 2022, according to experts who spoke with Cointelegraph Brasil.

The session that approved the project was chaired by Senate President Rodrigo Pacheco, who said:

“I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.”

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