What does Brazil's push to adopt cryptocurrencies mean?

This week, Brazilian lawmakers attempted to pass House Bill 4401/21 in the Brazilian National Congress, which would have legalized and regulated Bitcoin.

Senator Iraja Abreu, who supported the Senate version of the law (Senate Bill 3825/19), withdrew his version in favor of the House Bill, which carried over certain features to 4401-21.

Well done! (that's Portuguese for "excellent work!" in Portuguese)

Abreu pushed the bill through the Brazilian legislative process with some clever parliamentary maneuvers. Since the Chamber of Deputies (Brazil's lower house) had already approved 4401/21, it now just had to pass through the Federal Senate and be signed into law by the entire legislature. (The Brazilian Senate Economic Affairs Committee has already authorized it.)