Brazilian Senate Report: Bitcoin Isn't Ready for Regulation
A new study commissioned for the Federal Senate of Brazil has sought to examine how the spread of bitcoin and other digital currencies could impact Brazil's economy, and whether formal regulation is necessary for the domestic industry. Authored by Cesar Rodrigues van der Laan, a consultant to Banco Central do Brasil, the 18-page document concludes that Brazil should not immediately regulate bitcoin, arguing that there is not enough activity in local markets to warrant such rulemaking. The paper goes on to highlight the varied response regulators have taken to bitcoin around the world,....
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Brazilian Bitcoin Regulation: A new study looking at the economic impact of Bitcoin on behalf of Brazil's Federal Senate has advised against the regulation of digital currencies - at least for now. The 18 page report by Cesar Rodrigues van der Laan has been hailed by some digital currency enthusiasts for recommending a 'Bitcoin friendly' approach to regulation, but at the same time presents a generally pessimistic analysis of Bitcoin's chances of future success within the Brazilian economy. "Given their limited current range, especially in Brazil, we do not see systemic risk to the....
Brazilian Congressman Manoel Junior has proposed a public hearing to discuss bitcoin and digital currency regulation. The hearing, if held, would involve representatives from Banco Central do Brasil; the Receita Federal, the Brazilian tax enforcement agency. Conselho de Controle de Atividades Fiancerias, the country's anti-fraud agency; and representatives of the local bitcoin industry. CoinBR CEO Safiri Felix, the only company named in the official request, indicated that discussions about such a meeting have been ongoing since a report on the technology was released by the Brazilian....
Reuben Bramanathan is associate counsel at Coinbase and Lecturer of Digital Currency Regulation at the University of Nicosia. He was involved with a number of submissions to the Australian Senate inquiry. Here, he explains the importance of the Senate Economics References Committee Report on Digital Currencies and what it means for bitcoin. The release of the Senate Economics References Committee Report on Digital Currencies marks the start of the next phase for bitcoin in Australia. The 74-page report, which is the result of 10 months of hearings, submissions and research by the....
The Brazilian Senate has approved a recently presented cryptocurrency policy, advancing the project to discussions in the deputy chamber. The proposal will have to be greenlighted by the deputies of Congress and signed by President Jair Bolsonaro to be approved as law. The project presented is the result of the fusion of several law projects dealing with crypto. Brazilian Senate Greenlights Crypto Law Project The Brazilian Senate has greenlighted a cryptocurrency law project that seeks to give more clarity and protect users from different cryptocurrency-related scams that have happened in....
The French Senate has released a new report focusing on the type of regulation the government should apply on bitcoin transactions. Titled 'Regulation in the face of innovation: public authorities and the development of virtual currencies', the report follows a meeting of the committee of finance on 23rd July and is based on communication between committee president Philippe Marini and Senate member Francois Marc. It was inspired by a joint meeting held by the Senate, Treasury, customs, the Banque de France, TracFin (which deals with money laundering issues) and bitcoin specialists in....