🔔 The dashboard: Brazil’s benchmark stock index Ibovespa dropped 3.72 percent this week — officially falling into bear market territory (more below). Meanwhile, Brazilian Real lost 2.77 percent against the U.S. Dollar this week.
- Biggest gains: Natura (retail), + 9.52 percent
- Biggest drops: Slc Agricola (agro), – 13.64 percent
Brazil’s House delays (again) vote on crypto regulation bill
Back in February, the scenario looked favorable for the regulation of crypto to pass in Brazil. The Senate Economic Affairs Committee fast-tracked approval of a bill on the matter and markets expected the proposal to clear both congressional chambers by April.
But crypto regulation has stalled since and it is uncertain whether it can even be voted on this year, as Congress entered recess today.
Why it matters. The bill would turn crypto exchanges into financial institutions, meaning they could only operate with regulatory approval.
- Lawmakers hope to quash the use of crypto in scams. These have defrauded Brazilian investors to the tune of BRL 6.5 billion (nearly USD 1.3 billion) over the past two years alone.
What happened? A...
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