Brazil holds hearing on Bitcoin regulation

Brazil’s House of Representatives held a hearing this week on a bill that, if passed, would give the country’s central bank the power to regulate digital currencies.

Jusbrasil reported that during the hearing, Antonio Gustavo Rodrigues, director of Brazil’s anti-money laundering agency and financial activities control commission, advocated that Brazil should work with other countries and international organizations on digital currency regulation.

The hearing was held by the Consumer Protection Committee of the Lower House to discuss whether to place virtual currencies on the list of “payments” overseen by the Brazilian Central Bank (Banco Central do Brasil).

According to an announcement for the hearing, attendees included a representative from the Central Bank of Brazil, CoinBR CEO Rocelo Francisco Bezerra Lopes, Leandro Vilain John of the Federal Bank of Brazil, and Guilherme Santos Mello, a researcher from the State University of Campinas.

According to Jusbrasil, Rodriguez expressed opposition to regulating digital currencies, claiming that “the rules convey that digital currencies are safe.” He went on to say that there is no evidence of digital currency crime in Brazil, though he also pointed out that the use of Bitcoin ATMs poses a risk of money laundering.

Central bank representative Anselmo Pereira Araujo Neto said during the hearing, according to a rough translation, that while international regulatory cases are important to learn from, any regulatory framework must be developed taking into account Brazil’s specific circumstances.

He said:

“We will not copy international rules because they may not be suitable for Brazilian conditions. We want to promote regulatory transparency and we will try our best to encourage the development of new technologies according to market conditions.”

Governments around the world have discussed the regulation of digital currencies. Recently, following the terrorist attacks in Paris, France last week, the EU held an emergency meeting of the EU Interior and Justice Ministers to prevent terrorist financing and planned to crack down on virtual currencies and anonymous payment methods. Earlier this week, it was reported that G7 finance ministers met to discuss the matter, and a few months ago, the G7 group announced for the first time that it would regulate digital currency activities to ensure the transparency of all capital flows.

Original article: http://www.coindesk.com/brazil-holds-hearing-on-bitcoin-regulation-bill-amid-oversight-push/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information