Bitcoin Forum

Exclusive interview with President Fernando Furlan of the Brazilian Association of Cryptomoedas and Blockchain. Brazil in the process of regulation. Good or bad? https://www.criptomoedasfacil.com/entrevista-exclusiva-com-presidente-fernando-furlan-da-associacao-brasileira-de-criptomoedas-e-blockchain/

I think it's good to be honest. The uncertainty surrounding regulation is what is holding the wave of institutional investors back at the moment. We are in the situation at the moment where there are no rules in the game. Regulations will give investors a framework to work with. This is the opportunity for retail investors now to take the risk that the big companies can't take at the minute. We all know some regulation is coming! I think it will be a case of KYC and anti money laundering/terrorism financing laws coming in which most businesses are already doing anyway. Once this becomes common practice I think the flood gates will open!

I also think regulation is good, but I don’t trust politicians so much, however. They sometimes make regulations that kill the business. The only thing they have to make sure is that deals are respected and not put too high taxes.

It depends whether they are going to make the regulation to ban it or they are just going to make it regulated exchange of fiat and crypto currency. If its second one then obviously its good for the crypto market.

If they are going after the former reason then I am pretty sure they are going to suffer from that kind of regulation.

Never trust politicians from 3 Rd world countries.
This association of cryptocurrencies is like an union, it works for politicians and political parties.

I am from Brazil, don't expect anything good from regulations here.
Look at our central bank president
https://cointelegraph.com/news/brazilian-central-bank-president-says-bitcoin-is-pyramid-scheme

I think it will be a good thing, because they have already realized that there is no way to prohibit it. Brazil is already the 4th largest cryptos market in the world and great merchants have already joined in crypto defense as a means of payment. Now, wait!

It is good from the perspective that it means cryptocurrency is generating enough attention and investment to warrant the government paying attention to it. It will likely "regulate" it and set "standards" for it, which for some people will provide more of a reason to trust it and make it even more popular.

The downside is that the regulation and government authority will make cryptocurrencies dependent on government to some extent, which is antithetical to the principles that Bitcoin and many cryptocurrencies were founded upon. The more this authority over cryptocurrencies evolves, some day cryptocurrencies may build government back doors right into the architecture. You might say that you will only use open-source cryptocurrencies and you will know when they do this, but if the public is okay with the government regulating and dominating cryptocurrencies, they can push closed source cryptos with nary a peep.

Just used the embedded Google Translate and I got this from the article. Well it isn't just practically a regulation itself. It also opens up doors of opportunities for entrepreneurs especially for those who are interested in technologies, and within the protection to the privacy of the entrepreneurs provided by the government, I think this will be a tremendous application. Brazil is one of the large crypto players around the globe. No doubt that government will soon move their feet for these.  ::)

for good and bad it depends on the regulation. if the regulation is very burdensome to the holders of cryptocurrency then it is bad. but if their regulation is not harmful then that is good

You cannot trust politicians, not just the third world countries, this year expect many countries coming up with regulation and we might see 195 threads about countries regulating and banning the trade by the central banks  :P, but one thing they cannot do is to ban it, either they have to come up with a regulation which is the most realistic solution than having a closed door towards this global market.

It is need for the Brazil because regulation is always good for the economic development of the country but it is little affect the whales at the same time many peoples are benefit from the regulation. So majority of the peoples are supporting to regulation but I am little confused because some whales are affected in the regulation so some price fluctuations is possible in the market.

Regulations always harm the regular economy. It shouldn't come as a surprise that each country having every part of their industry and economy heavily regulated, also struggles with high percentages of poverty, high percentages of job loss, and tax evasion. If we look at how nothing has even slightly changed in the last years, but actually became more of a problem, then it's safe to say that they don't bother to change anything. People quite often think that paying taxes helps the country, but if you only see it go backwards, then how much of a help is it actually? It's not doing anything for the average person -- the only thing that's happening is a larger growing gap between poor and rich.

Please include a simple link.
I translated this dialogue, but there is no reference to the central bank or any legal authority.
Google translates results.

There is no evidence that Brazil will regulate bitcoin "I have tried to research all the press sites."
I believe that every regulation is good for the whole cryptocurrencies and bitcoin in particular. because it is a recognition of the acceptance of Bitcoin as a payment way and will facilitate its use.

The issue of regulation and banning of cryptocurrency by government of any country is no longer a bad news. This is only making cryptocurrency stronger and popular, on the long run it will attract more investors.

The interview that I mentioned is with the president of the Brazilian Association of Cryptomoedas and Blockchain, who is at the forefront of the crypto discourse with the CVM.

Criptomoedas Fácil: How did the ABCB idea come about and how can the entity effectively help crypto market?

Fernando Furlan: The CVM has internal committees that have been discussing the cryptoactive for some time and have been defining some things gradually. ABCB wants to contribute with the authorities, regulators and parliamentarians, with accumulated information and experience, as well as a reference of safety and credibility in this market. The idea behind the creation of ABCB came from a large group of small entrepreneurs who believe that this market should provide frequent entry of new and innovative competitors. This thought was translated by a small group that took the initiative of the ABCB and that now grows with new members. We will try to give the example of informing and, possibly, to influence parliamentarians in a frank and transparent way, seeking to translate the expectations of the crypto-coins and blockchain sector.

One of the objectives of the Association is to serve as a reference in good information to the public and to the authorities. Our activities are focused on informing and contributing suggestions. Cryptomoedas, and their different uses, are one of the infinite applications of technologies derived from Blockchain. We will seek to clarify exactly in this respect and not to discriminate between members, whatever their field of action.

About the CVM
The Brazilian Securities and Exchange Commission (CVM) was created on December 7, 1976 by Law 6,385 / 76, with the purpose of overseeing, regulating, disciplining and developing the securities market in Brazil.

The CVM is a self-regulatory entity under a special regime, linked to the Ministry of Finance, with legal personality and equity, with independent administrative authority, lack of hierarchical subordination, fixed mandate and stability of its directors, and financial and budgetary autonomy.

Now all states will be forced to consider the issue of legalization of the crypto currency. At the same time, they must determine its status, that is, what they consider to be a crypto currency, determine the conditions for its circulation on the territory of the country, and also solve the issue of its taxation. This is an inevitable stage in the development of the crypto currency. Therefore, if in Brazil are going to consider these issues, then in general it is very good. Simply, the solution to the crypto currency, the conditions for its circulation and legalization, as well as taxation may be different, loyal to the crypto currency, or vice versa, rigid.

Good, regulation is always good. It improves the security and encourages institutional investors.

And bad regulation is bad :D

If the outcome of the regulation is fine, meaning that cryptocurrencies are accepted and possibly taxed, it's fine, acceptable. If they start issuing paid licenses to businesses or even worse, limit the access to cryptocurrencies or even ban them, it's going to be bad regulation.
It would be great if they could stay away and let the market regulate itself.

Regulating can be good if it focused on using bitcoin without scams and ponzi scemes, and not in using or trading bitcoin itself, it all depends on how will they regulate it and not trying to monopolize it. Since bitcoin is  decentralized and anonymous in nature, users must remain anonymous, unless users deals with 3rd party exchanges.

I think that it is good. The governments already understand that the crypto currencies is the future, and they cannot restrict this new economics too long time. In the most of cases, the regulation means that the crypto currencies are recognized by the government as commodities or something like that. If regulation is not too severe and taxes are not too high, it can be profitable for an ordinary users and government. The wise politics will satisfy both of these parties.

I agree with you while most of the politicians are playing everything by the money. I hope he is just doing this for the benefit of his people and not by his own benefit and i do agree that regulations are good in every aspect as long as it is highly debated for a vote before anyone could agree to their terms.

Dude its Brazil....
I am surprised they are regulating cryptos while they have much important things to do like protecting their country's people from mob-rule,drug-trafficking and illegal weapon smuggling etc. Anyhow doesn't matter,regulation would help Brazil a little atleast.

I mean all kinda regulation of bitcoin always good for me, but there is just one thing we need to know which is the rules. To make kinda regulation of course there will be so many rules,  does it good or even bad for bitcoiners. I think it's getting more the country who was legalize bitcoin as soon as possible it will be great future for bitcoin.

Whether we like it or not, I agree with crypto industry being regulated because there are things that we cannot do for our protection because it is unregulated. We cannot just hold someone accountable in case he does something like run away with our money by participating in ICOs because they are anonymous. We may know their names through their whitepaper or website but how can we know if those people are the real people behind.

If it is regulated then the team behind those ICOs would be known since they are required to register and show their supporting documents. We may not like it because the government is in control again but what can we do? It would be better being regulated than being totally banned which would hinder the adoption of cryptocurrency.

The circulation of bitcoin and cryptocurrency in Brazil is nearly be recognized by the brazilian government, but there are provision in the legality of bitcoin and cryptocurrency , so for bitcoin to be continued the implementation of transaction and payments, it should comply the needed requirement the government wants.It is good for the cryptocurrency and bitcoin.

There are some good sides when crypto being regulated, if the government give a clear regulation then people can invest in crypto with ease and it will increase the crypto transaction volume, which will be good for crypto, for now we got no choice but to accept the regulation because it is better to be regulated rather than being banned

I agree! But it doesnt always have to be dependent to them. They could indirectly regulate bitcoin by regulating exchanges, business and miners that operate within their jurisdiction. They dont necessarilly need to touch the software. For me those regulations are fair because they obviously need to tax businesses and they obviously need to stop money launderers. And those are impossible to do without the proper regulations.

Maybe it is a good thing because if the government regulates it. It will make it legal. And thus more people will buy it and more people will gain from it.

This year, most states will be forced to consider the issue of circulation of crypto currency in the country, while determining its status and, if desired, setting a tax on profits from activities with it. The Crypto-currency can not exist by itself outside the territory of the states, which means sooner or later it must undergo regulation so that the state takes it under the protection of its state bodies, including judicial ones. Therefore, what will happen in Brazil is a normal and usual process of developing and developing the crypto currency.

Of course its good, we have been waiting for what could be the result of discussions about regulations which when decided could affect the market.  The G20 already have decided about what bitcoin and other cryptocurrencies are and if regulations are going to be a wait for holders and traders and ICO regulations are ways to make these investments legal so be it. If Brazil can start all these I guess the rest will follow.

I did not expect the main idea of the article, the limitations of my language that haven't been able to understand the article. It would be great if the article is in English.

But for a regulation where the government receives cryptocurrency, it will be an interesting subject and good news for the cryptocurrency. There are still many countries that refuse to use cryptocurrency. But by accepting Brazil against cryptocurrency will be a new trend for countries that previously banned and re-regulated to accept cryptocurrency.

When you are talking about Brazil that means you are talking about 5 nations which are under in BRICs .
If Brazil legalize crypto asset inside the countries then other BRICs nation will also think about to legal crypto inside.
Brazil, Russia, India, China and south Africa, these are the 5 countries which comes under BRICs nations.

Regulations in the cryptocurrency? Hm, that sounds like diminishing the purpose of the decentralized currencies from the core of its principle and thus creating another bunch of fiat world.

Regulation is all right until the taxation and tracing of investment but they wont be worthy if they are going to disturb the way this world works.

There are always two sides of that and the fate depends on the core functioning. If by law they touch it then they are fiddling with it and its bad for it.

The phenomenon of electronic money is causing some legal problems, the unclear status of Bitcoin causes unclear legal consequences arising from Bitcoin phenomenon. Including in Brazil who is now questioning about bitcoin.

Brazil, until now, looked like a very attractive place in the world of cryptocurrencies, I think you need to wait and see what happens in the end with the government.

Brazil's slums are the world's crime-ridden world!

Many drug dealers may already be trading in digital encrypted currency!

Effective regulation can fight crime! I think it's a good thing!

In the long run, digital encryption is a good thing!

In the short term it will affect market stability!

Regulation means the legality of the digital cryptocurrency, which helps the development of digital cryptography in Brazil!

Regulation is actually a good thing for bitcoin but if the implement too much of tax for bitcoin then it will affect the investors and it can't be usable in regular basis.But it will overcome the fear of banning it will leads to more investors so if they have appropriate regulation both benefit for user and the country then it is good.

The regulation sometimes making bitcoin useless, it's like the point of using blockchain system is to make everything decentralized, but the government want it to be centralized so that they can control over it and finally do whatever they want, to do that, they need to make a really tight regulation in regard to limit what people inside that region can do when using bitcoin, therefore regulation is not always good, sometimes it  have bad effect aswell.

Well, yes of course :). What I meant is that the process of making regulations is a good thing. I am tired sick of FUD over regulations.
I haven't seen a latter example yet.

when we read news so we understand the reason for the adoption of the cryptos in Brazil.



https://www.reuters.com/article/banco-neon-liquidation/brazil-central-bank-liquidates-banco-neon-in-setback-for-fintech-idUSL1N1SB0EI

Regulation always gives crypto community a scare for some reason. Regulation is always good. It makes everything secure, it helps people have more faith in the crypto currency exchanges in general. This is what all the cryptos need right now is effective and honest coins which gather the trust of general public.

What is going on, the Crypto-Currency's Syndicate creation? I think it's not necessary a new kind of "association" in Brazil, as there is already many of them fully of bureaucracy, corporatism and bad services. It makes things more centralized, especially involving a guy who was involved in Federal Government and UN roles, the last one is well known by its pushy agenda imposed everywhere.

The individual is already too weak in Brazil and the corporations are already too strong, measures like that only make the system's maintenance.

It will depend on what comes out of it, if it's a regulation that treats cryptocurrencies as just another way to invest your money and they are only trying to bring a little certainty to individuals and businesses then regulation is going to be a good thing, but if they are trying to criminalize every single person holding cryptocurrencies arguing that they could be criminals then regulation is going to be bad.

It’s a good sign and would be first drop of rain & hoping other countries will also follow Brazil.
This regulation will depend on the rule, is government will facilitate crypto currency? If yes then it is a very good news.

In recent years, many countries in South America are beginning to have open policies for the cryptocurrency market, which is a very positive signal. The cryptocurency market in general is increasingly receiving support from many countries around the world, so the potential for growth in this market is enormous.

Regulation without restrictions of usage is a good choice. When governments create regulations with restrictions in usage, automatically people feel unsecured in using it. This leads to the decrease in the circulation of digital currency around the market along with the low trading volume.

Before we do see regulations as a bad thing but this is needed for the market to grow up and enhance things that might come to make it more healthy and valuable.

I thought that Brazil was already regulated before because I've seen a thread before here in forum that there are more than 150 stores that accepts bitcoin in there.

This is good for whole crypto users because the support of news like this make the crypto price up. Right now i only think in one side how it impact the price. As we know brazil is one of the most 5 country that impact. But it just politicians that cannot totally believe at it.

I think a country monetary policy regulation encryption is very normal things, not what is still a country by the development of encryption currency without regulation, regulation can better monetary constraints encryption, create a good environment to investors.

Regulation on crypto is inevitable and is a step into its adoption into our global system. Nothing gets past the government anyway especially if it means money. Just hoping that it won't be very strict regulations.

Crypto currency being regulated is inevitable and to be honest it is good. I personally think that the pros are outweighing the cons if Crypto currency is regulated (of course it will still depend on what laws they will pass). With Crypto currency getting mainstream everyday, being regulated will surely help new investors to try crypto currency because they know they will be protected by regulation.

Brazil in the course of adjustment is a very good news optimistic for the bitcoin market especially for their people, and more specifically for their citizens who have participated bitcoin

Regulation is the process of putting things in a proper way in accordance with the law that may benefit not only government but especially users therefore any ways to put in bitcoin regulation in one country is a good sign that it is currently considering crypto a more legal and a great start for adaptation.    

It matters who you are. If you're an institutional investor who needs regulations to make sure that you're protected, then you're going to be pretty happy with this. If you're someone who doesn't trust the government, then you're of course going to think that this is an attempt by the government as a way to shut down bitcoin and try to centralize control.

Who knows if it's good or bad, we're going to have to see what the end result is.

we live in the world whereas the centralized entities have an authority. Any single regulation about cryptocurrencies will decrease and almost remove the value of decentralized. Sadly societies aren't aware enough the problem. The process of regulation for cryptocurrencies is needed for the cryptocurrencies adoption what a sad truth.

https://portaldobitcoin.com/wp-content/uploads/photo-gallery/WhatsApp_Image_2018-05-05_at_09.34.32.jpeg?bwg=0

Today is happening to Bitconf Brazil and will discuss about the regulation.

I do not know why people want to fear Bitcoin regulation? We did not expect that governments will sit on their hands and allow Bitcoin and other Crypto currencies to go unregulated? How would we know how to submit our taxes, if we did not know how the governments defined the technology?

Let's just be glad that they acknowledge the technology and that they are taking the effort to regulate it.  ;) I can now pay my taxes and go on with my life, without worrying about them. ^smile^

Of course it's good because it draws people's attention to the cryptocurrency world and shows that cryptocurrencies are not pyramids and scams, even if governments are making changes in legislation and legislation in order to integrate cryptocurrencies into the country's economy. This is also a good example for other countries that do not know how to deal with cryptocurrencies and will also encourage them to adopt cryptocurrency at the legislative level.

When there is a state that regulates cryptocurrency it becomes a recognition that the state views the importance of cryptocurrency, surely this is good and profitable for the future of cryptocurrency users.

If the regulation is I being done for adding some rules to the crypto industry then I think it’s a good thing. This will ensure that cryptocurrencies are not being used for terrorism and money laundering activities. This will lead to the addition of many investors to the crypto industry who are currently not investing due to the negative attitude of government towards cryptocurrencies.

That will be a good news for us just like 2017. It is not new anymore, others will also follow like what just happened last year. The only difference is that it was portrayed in a different way saying they will banned bitcoin in their country but the truth is it was just regulations. I think more countries will go through this, the crypto community is expanding now.

Brazil is one of the countries that is not involved in legalization of cryptocurrency in G20 summit. One of the factors I've seen here, why does Brazilian government regulating the cryptocurrency, is because of continuously growing up of cryptocurrency in the world. They are isolated from the inventions and innovations throughout the world.
Brazil has a right choice at the same time, it is also good in cryptocurrency to add a country who are regulating cryptocurrency.

Brazil,is another kind of free nation,so being in the process of regulation in terms of cryptocurrency,so this the good sign to them become one a capitalize country,these means that there is a chance that there economy,become progressive  just like happen in the country of japan,australia,and some european countries that  because of cryptocurrency they become part of being industrialized in terms of economic growth by the help of digital technology.

In fact that is the future and destination of every country, every country have to realize the need of bitcoin and they will surely make bitcoin as legal in their country, even those countries who have already  consider bitcoin as illegal they will also make bitcoin as legal currency.

I think regulation is just one of those words that has a negative connotation when it really doesn't need to. In fact, I'd argue its almost 100% positive. Regulation of something means that its actually being accepted and recognized, instead of a ban. So the more countries that accept and regulate the better!

There are probably two reasons for this, first people are afraid of change, people that have cryptocurrencies are so afraid of regulation as those that prefer to fiat system and fear cryptocurrencies, another reason is that even if what you say is very logical and it was impossible for governments to stay out of cryptocurrencies the truth is that people have gotten to used to not pay their taxes and it seems they do not want to do it.

In some ways regulation means freedom for us,if oir country starts to regulate cryptocurrency means they are supporting this by means of regulating everything about what this could bring us and whats the advantages.

If country opens its door for crypto legally means the future for this community will be in betterment of our ways of profiteering

i think we'll have years of non-regulated market, maybe in 5-7 years the world of crypto will be regulated for more then 50%.

In all honesty, I think it is a good idea, given the fact that regulation has thus far been just speculation and theory. Like the saying goes, "you never know until you try". With Brazil taking this step, we have a solid practical case study to draw upon, and learn from, to know whether regulation will work or not. This bold first step could ultimately shape the short-term future of cryptocurrency. I like that they are seeing it as a great opportunity for start-ups and young companies to gain funding which will ultimately boost the local economy.

Generally it is good news because it makes an addition advertisement in mass media and new investors and hesitating people may come on market. Also I hope that government regulation will make market more clear and honest. I will observe the situation in Brazil because I am inetested.