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28 March 2024
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Bitcast: Regulation of cryptocurrencies in Brazil is the subject of a crypto podcast


Last week, the 58th episode of Bitcast, a Brazilian podcast on cryptocurrencies, was aired. This edition of the program addressed the advance in the regulation of cryptocurrencies in the Brazilian market.

To talk about the subject, the podcast invited Rafael Steinfeld, one of the best known lawyers focused on cryptocurrencies in the national market, and founder of Bitwolf.

The podcast was hosted by José Domingues da Fonseca, a lawyer and cryptocurrency enthusiast; Paulo Aragão, specialist in cryptocurrencies and co-founder of CriptoFácil; and Gwin, the “good hacker” of Bitcast.

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Limitations of cryptocurrency regulation in Brazil

Said regulation was proposed by federal deputy Aureo Ribeiro in 2015, through Bill 2303/2015.

At that time, public hearings were held and a Special Commission was installed to debate the matter.

One of the PL’s proposals, as mentioned by the presenters, is to further repress scams involving cryptocurrencies such as financial pyramids.

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However, Steinfeld reasoned that it is not because the penalty for pyramid scams may increase that “pyramiders” will stop applying scams:

“Pyramid has been around for a long time and it’s not just crypto. It exists with Forex, it exists with stock exchange, with cosmetic product…. And the law already existed and the guys don’t care about prison, we know that”, he said. “It seems that regulation is just coming to criminalize issues involving cryptoactives. I don’t think that’s the way. Not that people who commit proven illegal acts, with due process of law, should not be penalized.”

Who agreed with Steinfeld was Paulo Aragão. According to the expert, cryptocurrencies already have a stigma of being used for illegal acts such as money laundering.

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“My fear is that this regulation is being done by lobbying or by pressure to favor x or y, to harm, to avoid competition,” he said. “That regulation will happen, at some point, for me is inevitable. But we do have to participate and have debates of this type to prevent them from being prohibitive regulations.”

Warning: The text presented in this column does not necessarily reflect the opinion of CriptoFácil.

Read also: Analyst points out three reasons why the price of MATIC will reach a new record of US$4.5

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Also read: If cryptocurrency regulation is inevitable, then let’s adapt to it

Read also: Star Atlas releases new trailer and capture reaches US$ 24 million

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