Brazil sets up Commission in a Bid to Regulate Cryptocurrency Adoption

June 1, 2019 By: Nwabundo Wisdom

 

Brazil has joined the list of countries that have taken steps to recognize the potential of cryptocurrencies. In this regard, the president of the Chamber of Deputies of Brazil has given out instructions to set up a commission that will be devoted to cryptocurrencies and work towards its regulation in the country.

As reported from a source on May 30, The Chamber of Deputies of Brazil which consists of a legislative body at the federal level and National Congress of Brazil at the level of the lower house, responsible for discussing and giving approval on matters of benefit to social and economic development. Deputy Rodrigo Maia has instructed the commission to look into bill 2303/2015, which contains regulations concerning Bitcoin and other digital currencies in Brazil.

The commission is said to be made up of 34 members, selected in line with the House Rules of Procedure. The members will be responsible for handling projects in relation to cryptocurrency regulation in Brazil. Also, meetings have been held between Fernando Furlan, the president of the Association of Crypto and Blockchain (ACB), authorities of the Attorney General’s Office, Central Bank of Brazil, and other big players in the financial industry towards crypto regulation, last week.

This move by the government of Brazil is no doubt in favour of mainstream adoption of cryptocurrencies, especially in Brazil. The Brazilian government, therefore will officially present the rules as regards to cryptocurrencies at the G20 finance summit in Japan coming up in the month of June. Companies will be given an ultimatum of 2021 to adapt to the rules.

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