Brazil: Former royal family members oppose cryptocurrency regulation

Brazil: Former royal family members oppose cryptocurrency regulation

According to the Brazilian Cointelegraph website reported on July 15, Luiz Philippe de Orleans-Braganza, a descendant of the former royal family of Brazil, has already made statements in the country against cryptocurrency regulation.

Orleans – Braganza is also the federal representative of the Brazilian National Assembly, who spoke at a special committee meeting in which legislators discussed a bill that proposed a legal framework for digital currency.

Orleans-Braganza said that the bill could only be discussed in Congress if consumer demand is high. Also, according to Orleans-Braganza, it is just an example of a country intervention that is not its business:

“Good regulation refers to the need for consumers to feel hurt and demand protection from the state. I doubt that this kind of adventure wants to regulate what consumers and corporate organizations don’t need to receive bitcoin.”

Orleans-Braganza further pointed out that cryptocurrencies may sometimes be used in illegal situations, but this does not prove the country's unrestricted regulation.

House Speaker Rodrigo Maia asked for the establishment of a special committee to comment on the bill, which aims to regulate Brazilian bitcoin (BTC) and other digital currencies on May 30, 2019. According to the “Rules of Procedure”, it consists of 34 members.

In June, the Brazilian Federal Tax Administration issued a new regulation requiring cryptocurrency exchanges to notify regulators of users of transactions to identify tax fraud. The agency now requires Brazilian cryptocurrency exchange operators to provide information about all transactions within its system. (New Finance)