Brazil in the process of regulation. Good or bad?

[andy16]

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/

[1714011657]

1714011657

[1714011657]

1714011657

[1714011657]

1714011657

[1714011657]

1714011657

[1714011657]

1714011657

[1714011657]

1714011657

[Lucas Riley]

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!

[Don Pedro Dinero]

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.

[boyshx]

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.

[bitmover]

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

[andy16]

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!

[dE_logics]

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.

[AbyssLagiaz]

CF: How does ABCB see this process of regulation and self-regulation of the crypto market?

FF: Self-regulation will be appropriate insofar as it does not close the market and give opportunities for small entrepreneurs to arise and develop, as well as to ensure privacy and security. Another possibility is the so-called regulatory sandbox, in which a regulatory waiver is ensured for an initial period (5 to 10 years), letting the market take shape and separate good and bad economic agents. We are open to join forces for the interests of the sector with everyone and are willing to observe certain principles, such as freedom of initiative, free competition, among others.

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.  

[ismelda_ita]

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

[eaLiTy]

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

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  , 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.

[liuqi]

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.

[richardsNY]

They sometimes make regulations that kill the business.

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.

[hugeblack]

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.

"Exclusive interview with President Fernando Furlan of the Brazilian Association of Cryptomoedas and Blockchain"

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.

[pat4cryptoreal]

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.

[andy16]

Please include a readable link.The dialogue has been translated but there is no reference to the central bank or any legal authority, this is translated by Google.

"Exclusive interview with President Fernando Furlan of the Brazilian Association of Cryptomoedas and Blockchain"

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 for bitcoin in particular.
In my view, regulation is a recognition of the acceptance of Bitcoin as a payment way and will facilitate its use

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.

[Spaffin]

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/

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.

[dado7]

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

[pixie85]

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

And bad regulation is bad

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.

[gambitcoin53]

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.

[Coin-1]

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.