In view of the explosion of scams and millionaire frauds, the Central Bank hastens to cryptocurrency regulation like bitcoin in the country. In this sense, there are three Law Projects (PL) in progress and can be discussed during this week. Therefore, check out how the discussion about cybercurrencies is progressing.
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Cryptocurrencies have been moving the market in Brazil
The performance of the cryptocurrency market caught the attention of authorities in Brazil. According to data passed on to the Central Bank by the Federal Revenue Service, this sector moves around R$ 130 billion per year in the country.
However, several thefts and frauds are taking place due to the lack of proper supervision. In this sense, according to information from the Federal and Civil Police of São Paulo, the loss for investors has already totaled approximately R$ 6.5 billion in less than two years.
CAE may start voting on cryptocurrency rules in Brazil this week
The Economic Affairs Commission (CAE) met this Tuesday (22), at 9 am, with operations carried out with virtual currencies as one of its agendas. The rapporteur and also responsible for authoring a substitute is Senator Irajá (PSD-TO).
In this sense, there is an expectation that the rules will come into force by the end of this year. However, for virtual currencies to be regulated by December, it is necessary that a PL be presented to President Jair Bolsonaro.
The three PL awaiting CAE's evaluation so far are 3.824/2019, by Senator Flávio Arns (Podemos-PR), the PL 3,949/2019, by Senator Styvenson Valentim (Podemos-RN) and PL 4,207/2020, by Senator Soraya Thronicke (PSL-MS).
Cryptocurrency regulation aims to make the digital asset market more transparent
According to Irajá, cryptocurrency trading companies in Brazil are not properly subject to regulation by the Central Bank or the Securities Commission (CVM). This makes it difficult for the government to identify suspicious movements. Therefore, the regulatory framework must make business more transparent.
Changes to the Penal Code to include cryptocurrencies
In addition to granting powers to the Central Bank to regulate companies in the field of cybercurrencies, there is also the idea of modifying the Criminal Code to create “virtual currency embezzlement”, which can be punished with between four and eight years in prison.
