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Congressman Invites Facebook to Debate House Libra Cryptocurrency

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Federal Deputy Áureo Ribeiro (Solidariedade / RJ) presented last Tuesday (20), five requests for public hearings on the bill that aims to regulate cryptocurrencies as a kind of payment arrangements to be overseen by the Central Bank.

Among the requirements, there is one in which Ribeiro invites the Facebook representative to talk about his “ Libra ” cryptocurrency and the possible socio-economic consequences for the Brazilian financial system.

According to public hearing request 9/2019, there is a concern from central banks around the world about this new Facebook cryptocurrency in association with more than 27 companies.

The deputy explained in his justification that Libra could pose a threat to the economy of several countries that would risk being in the hands of these companies, in addition to Facebook itself.

“The new cryptocurrency would go beyond the limits of the financial market, even threatening the currencies issued by countries, which could have serious consequences for privacy, the fight against money laundering, consumer protection, financial stability and even, to national security, since there is no regulation on the matter. ”

Pound in Debate
To compose this debate table, the deputy invited representatives of the Ministry of Economy; Central Bank of Brazil (Bacen); Justice ministry; and Administrative Council for Economic Defense (Cade). A representative of the Brazilian Cryptoeconomics Association (AbCripto) should also participate in this discussion.

The expert on this topic and Ph.D. in Economic Law Henrique Haruki Arake Cavalcante, who was invited to address the legal nature of virtual currency will also discuss the Pound and its impacts on the national financial system.

By application 10/2019, Ribeiro requested a public hearing to address the legal nature of bitcoins and the like. In addition to Cavalcante, representatives of the Ministry of Economy were invited; Bacen; Brazilian Bar Association (OAB); and Procon from the Federal District.

From Revenue Standard to Hacking Hack
The tax aspects behind Federal Revenue Normative Instruction No. 1,899 / 19 should also be discussed in the Chamber. On this topic, there is also a request made by the deputy ( request for public hearing No. 11/2019 ).

Elisa Henriques, the cryptocurrency specialist at Velloza Advogados, should be heard; and Rafael Santiago, Internal Revenue Tax Auditor and Coordinator of Studies and Fiscal Activities of the Sub-Secretariat for Supervision, to discuss this obligation to provide information regarding the operations carried out with crypto-funds to the Special Secretariat of the Federal Revenue of Brazil.

The deputy, who is the author of the two cryptocurrency regulation projects in the House, also requested a hearing to discuss the regulation of this market.

This requested debate, through Request 7/2019, will be attended by representatives of the Ministry of Economy, Bacen, IRS, Federal District Consumer Protection Institute, Ministry of Justice and AbCripto.

Three market players will also be heard in the House. The congressman pointed out the risk to investors in hacking actions at cryptocurrency brokers.

To discuss this problem, he filed an application no. 8/2019 and invited to this debate João Canhada, CEO Foxbit; Marcos Alves, Bitcoin Market CEO; and Marcelo Rozgrin, Founding Partner Braziliex.

In addition to these, Marco Tulio da Silva Lima, Blockchain Product Manager at the Federal Data Processing Service (Serpro) will also be in this debate; and Daniel Mostardeiro Cola, Chief Delegate of the Delegation for Corruption and Financial Crimes (Delecor).

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