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Brazilian Chamber of Deputies sets up board to activate crypto regulation

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Brazilian Chamber of Deputies sets up board to activate crypto regulation
Source: Pixabay

Many governing bodies around the globe were considering the initiation of crypto regulation activities so that the illegal activities and Ponzi schemes can be controlled. This major step was required for controlling the unethical activities. Brazilian government is the latest addition to the list of governing bodies that finalized to set a board for deciding the fate of crypto ecosystem growing in the country.   

The President of the Chamber of Deputies of Brazil commanded the regulatory body to kick start a commission to tighten the digital currency guidelines in the nation. The Chamber of Deputies of Brazil was ordered to appoint a fresh board that took into account the Bitcoin [BTC] and other digital monetary forms in Brazil and pass the law to direct their circulation in the crypto ecosystem. 

Prior this week, the leader of the Brazilian Association of Crypto and Blockchain [ABCB], Fernando Furlan, had a gathering with different delegates from diverse business backgrounds and specialists of the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council to finalize the decision of initiating crypto regulation in the country. 

Crypto regulation acts have started gaining momentum across the major countries where the cryptocurrencies are widely used in order to safeguard the interests of the citizens. With the G20 Summit, these major global economies are looking forward to level the crypto regulations and align them with the global standards that will be set during the upcoming G20 Summit.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.