‘The government will know everything you have in Bitcoin and cryptocurrencies, I guarantee it,’ says director of the Central Bank of Brazil

Brazilian authorities are not happy with the anonymity of transactions involving Bitcoin (BTC) and cryptocurrencies, as revealed by the relationship, citizenship and conduct supervision director of the Central Bank (BC), Maurício Moura.

Moura recently highlighted at an event promoted by the Institute of Professionals for the Prevention of Money Laundering and Terrorism Financing (IPLD), that the BC is discussing with the Brazilian Securities and Exchange Commission (CVM) rules to prevent Brazilians from hiding transactions with cryptoactives.

According to him, although both the Senate and the Chamber of Deputies have been debating bills for the regulation of cryptocurrencies in Brazil, the BC, together with the CVM, are discussing in parallel how they can act together to avoid anonymity in transactions with cryptocurrencies in Brazil.

“I can’t do much good. But the names of those involved in cryptoactive operations will be known end-to-end. I can say that anonymity will not be an option”, he said without giving details about what has been debated.

Currently, cryptocurrency companies in Brazil are required to comply with Normative Instruction 1888 of the Federal Revenue which requires that all transactions by users of national companies be reported to the regulator.

However, neither the BC nor the CVM have, so far, specific determinations for the cryptocurrency market.

Campos Neto

This is not the first time that the Central Bank has stated that it will, in some way, oversee the cryptoactive market.

Recently, the institution’s president Roberto Campos Neto said that looking at cryptocurrencies as a form of payment, they do not bring more innovation to the national financial system, as Brazil already has Pix and other forms of digital money provided by the State, which are much more efficient than the cryptoactives.

But he said that thinking about a regulation for cryptoactives involves looking beyond the simple point of being ‘digital currencies’ but an integral part of an ecosystem which involves saving the data.

Therefore, according to him, it is necessary to clearly understand what this new economy represents in order to be able to propose intelligent regulation.

“For us, it is more than regulating cryptocurrencies, stablecoins, it is what will be the regulation of the future? The financial market changes a lot and fast, everything is becoming data. So we are trying to understand how to remodel the data regulation, the finances will be given, so it is more than that, but we are talking to the CVM about this matter and we understand that there is a demand for this that will be with us for a while,” he said.

READ MORE

Follow us on social media

Follow our profile on Instagram and in the telegram to receive first-hand news!