Da Silva is in favor of regulating crypto in Brazil

Da Silva is in favor of regulating crypto in Brazil

Luis Inacio Da Silva, known as “Lula”, supports the involvement of the Central Bank of Brazil in crypto regulation. He said the Central Bank should be responsible for developing a legislative framework for these assets. The presidential candidate also said that the impact of crypto should be measured. This is to avoid the negative effect it may have on the national economy.

Lula supports central bank oversight of crypto

Da Silva revealed his stance on crypto regulation in the country. Note that he is one of the favorite candidates in the first round of the Brazilian presidential election. Lula expressed his support for the Central Bank of Brazil to develop regulations regarding crypto. According to him, this entity, due to its autonomous nature, should be responsible for the digital assets.

The candidate explained that this sector has developed tremendously in recent times. This caught the attention of regulators, who were forced to address the issue. Lula said this legislative framework should help avoid illegal practices using crypto. In particular, he mentioned illegal activities such as money laundering and money laundering. But not only that, this framework will also avoid fraudulent trading practices.

Lula also offered to monitor the crypto market to avoid any negative impact on the national economy.

Crypto regulation in Brazil:
Crypto regulation in Brazil: “Lula” Da Silva is in favor! – source: news.bitcoin

Sovereign intentions and current regulatory attempts

Lula was a big proponent of breaking Brazil’s dependence on international dollar markets. This candidate announced in July his intentions if he wins the election. According to him, he would support the issuance of a common currency for Latham called SUR (Spanish for South). However, he did not give further details on the subject. Brazil is currently in the pilot stages of its own central bank digital currency.

Regardless of Lula’s statements, there is already a crypto account. This project is currently between the Chamber of Deputies of the Brazilian Congress. However, there was no follow-up as MPs are more focused on the general election. If it is postponed until next year, the bill will have to secure the support of a new rapporteur. Thus, the new deputies will have to study the projects in order to be able to discuss them again.

This new learning process would delay approval of the current bill. Similarly, if Lula wins this month’s election, he will be able to veto the law once it is passed. This is nothing new in Latin American countries.

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Fitah Razafimamonji

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