Brazilian lawmakers submit a bill, proposing to allow investment funds to invest in cryptocurrencies

According to Cryptonews, Adriana Ventura, a state representative from São Paulo, Brazil, has submitted a bill to the parliament proposing that investment funds registered in Brazil be allowed to purchase cryptocurrencies. Ventura stated that the proposal aims to meet the growing demand and interest of investment funds in cryptocurrencies, promote financial innovation, encourage the development of more complex products and diversify investment strategies.

Currently, major institutional investors in Brazil are not yet able to directly invest in cryptocurrencies. Whether this bill will pass is still unclear but the cryptocurrency community in Brazil is rapidly developing with more legislators beginning to take a proactive approach towards regulation.