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.
- A major Brazilian bank announces closure of accounts on cryptocurrency exchanges
- Inflation rate soared to the highest in four years, Brazilian bitcoin trading volume continues to rise
- The Brazilian Internal Revenue Service requires citizens to report all cryptocurrency transactions, and unreported people will face fines
- Inflation triggered cryptocurrency fever, and Brazil became the biggest "golden owner" of BTC capital inflows.
- Brazil plans to abandon its existing payment system and launch an instant payment system based on blockchain technology
- Brazil trades record 100,000 bitcoins within 24 hours
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)