Brazil Officials And The Local Crypto Community Still Debate Possible Cryptocurrency Regulations

In a new meeting demanded by the Chamber of Deputies, a group of Brazilian parliamentarians debated on Thursday, August 9th, on what guidelines should be taken into account to formulate possible blockchain and cryptocurrency regulators. The discussion was held publicly in conjunction with the Getulio Vargas Foundation’s Applied Information Technology Center, in Sao Paulo.

Some of the participants bet on maintaining the freedom offered by the blockchain technology

While the issue of cryptocurrency was not addressed in depth, the lack of professionals with knowledge of protocols such as in the Bitcoin (BTC) blockchain was debated. Some participants argued that a blockchain alone is not a magic solution.

It is important to mention that the Brazilian crypto community is one of the largest in South America, with lots of active members on social networks and meetings with local entrepreneurs, and now also with parliamentarians.

The meeting also served to review the Initial Coin Offerings (ICOs) sector

The discussion in this direction was conducted by Felippe Barretto, an analyst with the Brazilian Securities and Exchange Commission. The executive stressed that the ICOs do not have any regulation and that their objective is to seek financing from “the retail trade.”

Some Brazilian officials demand for cryptocurrency regulations

That is not the first time when this type of meeting between officials and various members of the crypto community has taken place in Brazil.

Last June, the Commission on Science, Technology, Communication and Information Technology of the Chamber of Deputies discussed different issues regarding a potential framework for future cryptocurrency regulations.

On that occasion, parliamentarians Thiago Peixoto, Odorico Monteiro, and Vitor Lippi stressed the need to create a regulatory framework. However, the representative of the Central Bank of Brazil, Mardilson Fernandes Queiroz, suggested that blockchain technology doesn’t need any regulation, but that cryptocurrencies do.

On the other hand, Joao Amoedo, a future presidential candidate of Brazil, said that cryptocurrencies can be a viable payment method, and are no threat to fiat money and central financial and banking systems.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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