Central Bank of Brazil Director Says Government Will Know “Everything You Have in Bitcoin” – Bitcoin News

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Mauricio Moura, current director of the Central Bank of Brazil, said anonymity would not be a choice when trading cryptocurrency in the country. The representative said that sooner or later all users will see their transactions identified by the government. These comments came during an event organized by the Institute of Professionals for the Prevention of Money Laundering and Terrorist Financing.

Central Bank of Brazil: “Anonymity will not be an option”

Mauricio Moura, director of citizenship relations and conduct oversight at the Central Bank of Brazil, said the upcoming regulation could ban anonymity in cryptocurrency transactions made in the country. Moura said that the central bank is currently developing ways to achieve this goal jointly with the Brazilian Securities Commission. He declared:

I can’t say much. But the names of the people involved in cryptocurrency trading will be known end to end. I can say that anonymity will not be an option.

Currently, all stock exchanges and companies in Brazil are required to report their operations and their clients’ transactions to the regulator. But some of these companies still do not comply with this mandate. Moura did not detail how the bank would achieve the intended target.

Upcoming crypto regulations

Brazil is in the process of issuing a comprehensive regulatory system for cryptocurrency assets, and the Central Bank of Brazil is included in the institutions that have a say in this process. In June, a bill proposing a fixed period for establishing cryptocurrency regulations was introduced to Congress. While still awaiting approval, it would give the government 180 days to propose and approve a system for regulating and taxing cryptocurrencies like normal banking transactions.

There is another committee that is currently focusing directly on the regulation of cryptocurrencies in the Chamber of Deputies. However, even with all of these institutions trying to regulate crypto, the market continues to grow and more and more companies are integrating crypto related solutions into their operations.

This is the case with Visa, which recently announced its intention to integrate cryptocurrency solutions with traditional banks. But more importantly, the vice president of new business in Brazil said the company will test bitcoin direct payments this year. This suggests that the regulation does not scare the big players still interested in joining the cryptocurrency market or integrating crypto into existing platforms.

What do you think of the Central Bank of Brazil’s stance on cryptocurrency transactions? Tell us in the comment section below.

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