Government, companies and lawyers will discuss fraud with cryptocurrencies and digital real.
The House of Representatives holds two public hearings this week on digital currencies. The first is on Tuesday (26), about the digital real, ie, the digital currency of the Central Bank of BC. And on Wednesday (27) the theme is “Financial pyramid, fraud and increased operations with virtual currencies”, ie, cryptocurrencies.
The two hearings are at the request of federal deputy Aureo Ribeiro (SD-RJ), president of the Financial Inspection and Control Commission (CFFC) of the Chamber and author of bill 2303/15 on cryptoactives.
The project coordinator at BC, Fabio Araújo, professor at the São Paulo School of Business Administration (EAESP), Eduardo Diniz, and the director of R3 in Brazil, Keiji Sakai, will participate in the hearing on digital real. R3 is involved in central bank digital currency projects (CBDCs) in some countries, such as Sweden.
According to the deputy, this is a relatively recent topic, therefore, it needs many discussions and definitions. These, in turn, “certainly involve legal issues, which is why this requirement for a hearing is made,” according to the Chamber’s agency. The hearing will be at 17:00.
Discussion on cryptocurrency fraud will have ministries, BC and Revenue
According to the requirement of the public hearing on cryptocurrency fraud, representatives of various institutions must participate. For example, the Ministries of Economy and Justice, as well as the Central Bank (BC) and the Federal Police.
In addition to them, there should be the Deputy Attorney General of the Republic Luiz Augusto Santos Lima, the Chief Attorney of the Brazilian Securities Commission (CVM), Celso Luiz Rocha Serra Filho, and the Undersecretary of Inspection of the Federal Revenue, Jonathan José Formiga de Oliveira.
In this discussion on cryptocurrency fraud, lawyers Andre Luiz Hespanhol Tavares, from the regulatory law commission of the Federal Council of the Brazilian Bar Association (OAB), Artemio Ferreira Picanço Neto, specialist in combating coups, and Caio Sanas, master in tecnologic innovation. Attorneys Ciro Costas Chagas, attorney general at Confins, and Jeferson Sarandy Brandão, tax lawyer, will also be present.
PL on cryptoactives should go to plenary and BC gave guidelines for the digital real
Bill 2305/15 establishes what are frauds with cryptoactives and increases the penalty for money laundering crimes with the use of these currencies. That’s because under current legislation, prison terms for this crime are three to ten years. The PL speaks of imprisonment for up to sixteen years and eight months.
About the digital real, BC announced the guidelines in May. Among them is that it will be a retail currency and should not pay remuneration. In addition, the BC will issue the digital real and financial institutions will make the custody and distribute it to users.