This article is from cointelegraph.com.br and the original article can be read here in Portuguese
Present at the extraordinary public hearing at the Consumer Protection Committee of the Chamber of Deputies last Tuesday (31), the president of the central bank of Brazil (Bacen; BC), Roberto Campos Neto, said that cryptocurrencies have the possibility of offering technological gains for industrial processes, in addition to the financial system. He criticized the monopoly of crypto assets on major exchanges and made it clear that the federal authority will tighten supervision over these companies, including to combat the use of platforms as a means of tax evasion.
“Blockchain is a technology that’s here to stay, but we’ve seen a great deal of concern with crypto assets. One problem is the concentration of custody, with 80% of cryptocurrencies being concentrated in four companies,” he said.
Campos Neto signaled that Bacen should add regulatory mechanisms not addressed in the text of the Bill (PL) 4401/2021, which establishes the regulation of “virtual assets” in the country, a matter that reached the Chamber in early May after approval by the Senate and that may be considered on an emergency basis by the deputies. This is because the current proposal, if maintained, seals the regulation of the sector to the federal government.
“We like the two versions of projects on cryptocurrency regulation, both the House and the Senate. Then we will have another version of the cryptocurrency project to complement”, he revealed.
He also said that the BC keeps monitoring the use of cryptocurrencies for the practice of fraud in imports, which according to him happens in low-value exchange operations and with the complementation of cryptocurrencies not declared to the tax authorities. But he also admitted the continuation of frauds by Pix through orange accounts and stated that:
“What we’re doing is tightening as much as possible so that banks aren’t hosting orange accounts. We are working to hold institutions accountable for maintaining these accounts.”
Campos Neto’s signal that exchanges should be the subject of the first measures of the Central Bank, if the regulation of “virtual assets” is sanctioned and approved, reinforces the thesis of the lawyer and professor at Insper and Ibmec, Isac Costa, who stated that customers of foreign exchanges that do not act in accordance with the new law may be prevented from making withdrawals in reais, making profits from cryptocurrency operations, as reported by the Cointelegraph Brazil.
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