The Central Bank proposed guidelines for regulating financial transactions with cryptocurrencies in Brazil, such as bitcoin. These regulations include definitions of penalties due to an explosion of scams and fraud. The initiative was reported by the president of the economic authority, Roberto Campos Neto, to presidents of important banks in the country, interviewed by Folha on condition of anonymity.
According to the bankers, the proposed regulation will be sent to Congress in the first quarter. The idea is that the rules come into effect by the end of this year.
For this, a bill must be presented by President Jair Bolsonaro (PL), at the request of the Central Bank. When sought for questions, the agency did not want to detail the plan and preferred not to comment. The numbers of this market in Brazil arouse the attention of the authorities. According to information from the Revenue passed on to the Central Bank, the sector moves around R$ 130 billion in the country per year. Lack of control paves the way for theft and fraud. According to the Federal and Civil Police of São Paulo, they have already totaled around R$ 6.5 billion (US$ 1.2 billion) in less than two years.
Translated by Kiratiana Freelon