Brazilian Presidential Candidate ‘Lula’ Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation

Brazilian Presidential Candidate "Lula" Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation

The presidential candidate that obtained most of the votes in the first Brazilian ballot round, Luis Inacio Da Silva, better known as “Lula,” declared that the Central Bank of Brazil should be responsible for building a cryptocurrency law framework. Lula also stated that the impact of cryptocurrencies should be measured to avoid any adverse effects it might bring to the national economy Lula Supports Central Bank Oversight on Crypto

The candidate that obtained most of the votes in the first voting round in Brazil’s presidential elections, Luis Inacio “Lula” Da Silva, has revealed his stance when it comes to crypto regulation in the country. Lula signaled his support to the Central Bank of Brazil, that according to him, would have to be responsible for building cryptocurrency regulations due to its autonomous character.

The candidate explained that this sector has grown immensely lately, making regulators turn their eyes to the issue. Lula stated this law framework should help to “avoid illegal practices that we can do using crypto assets, such as money laundering and currency evasion, in addition to avoiding fraudulent trading practices.”

The candidate also proposed monitoring the cryptocurrency market to avoid having a negative impact on the national economy. Sovereign Intentions and Current Regulatory Attempts

Lula has been a big promoter of breaking Brazil’s dependence on international dollar markets. Lula stated in July that if he wins the election, he will support the issuance of a common currency for Latam, called SUR (Spanish for south). However, he did not offer more details on the subject. Brazil is currently in the pilot phases of its own central bank digital currency, the digital real.

Independently from the statements of the candidate, there is already a cryptocurrency bill project in the hands of the deputy chamber of the Brazilian Congress. However, it has not been discussed due to the focus that deputies have put on general elections. While there is still time for it to be discussed, if it gets delayed for the next year, the bill would have to enlist the support of a new rapporteur, and the new deputies will have to study the projects to be able to discuss it again.

This new learning process would delay the approval of the current bill. In the same way, if Lula does win the elections this month, he could veto the law when passed, as has happened in other Latam countries before. Tags in this story Brazil, Central Bank, cryptocurrency bill, Cryptocurrency regulation, deputy chamber, latam, luis inacio lula da silva

What do you think about Lula’s stance on cryptocurrency regulation? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. EU Council Endorses Markets in Crypto Assets (MiCA) Legislation REGULATION | 10 hours ago South Korea Reportedly Freezes Do Kwon"s Crypto Worth $40M — Luna Founder Says the Funds Are Not His REGULATION | 22 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Isaac Fontana, Shutterstock.com Previous articleGrayscale’s New Co-Investment Vehicle Aims to ‘Capture the Upside of Crypto Winter’ Next article8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design