Earlier in the previous week, The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) has successfully been launched in São Paulo, the Brazilian government intends to grow more awareness amongst its citizens by conducting regular debates regarding digital currencies.
Along with the government raising its efforts to improve regulation – the Brazilian Central Bank had previously articulated its concerns around a possible ‘bitcoin bubble’ back in 2017.
This new association (ABCB), commenced by Brazilian fintech Atlas Project, also intends on spearheading projects focused on absorbing global advances around cryptocurrencies and blockchain, its supporting technology.
Fernando Furlan, the former President of the Brazilian Administrative Council for Economic Defence (CADE), an independent agency reporting to the Ministry of Justice would be appointed as the head of the Brazilian Association of Cryptocurrencies and Blockchain (ABCB).
Along with having previous CADE experience, Furlan’s CV also displays posts of senior roles in the Ministry of Development, Industry, and Trade, as well as the Brazilian National Development Bank. By appointing an individual possessing such a rich experience, the association(ABCB) believes that it would lead to a more productive and appealing debate with the government on the topics of cryptocurrencies and blockchain.
The new body’s management believes that lack of legal framework for cryptocurrencies in Brazil is the root cause for the lack of progress in the virtual currency market. The association has also requested the Brazilian Government to get more regulations for cryptocurrencies. However, despite the association’s efforts of accelerating the development of such rules, it does not expect the rules to be drafted anytime soon, due to the upcoming events of Fifa World Cup and the presidential elections of 2018.
The ABCB also revealed that there are five Brazilian companies that are very keen on getting affiliated with the new body, however, the management said it was too early to reveal the names of those respective companies.