The growth of Bitcoin industry has been slow in Brazil compared to other Latin American countries like Argentina. The number of Bitcoin related start-ups from Brazil has been negligible even though the country has almost twice the number of Bitcoin users than Argentina. According to the publicly available data on the number of Bitcoin-QT wallets downloads, Brazil exceeds by a fair margin in comparison to Argentina and most of Latin American countries put together.
The slow growth of Brazilian Bitcoin industry can be attributed to lack of clarity about the laws and regulations associated with the digital currency. Recently in December 2014, the Brazilian Senate published a report which deemed Bitcoin regulations as unnecessary. As there has been a lot of developments in the Bitcoin sphere since then, the plans of holding a public hearing on Bitcoin and digital currency regulations seems to be back on track.
Manoel Junior, a Brazilian Congressman has called for an interaction between the central bank – Banco Central do Brasil, Brazilian taxation department – Receita Federal, anti-fraud agency – Controle de Atividaeds Fiancerias and Brazilian Bitcoin industry in the form of a public hearing.