Brazilian presidential candidate João Goulart Filho from the Partido Pátria Livre (PPL) party recently gave an interview to local blockchain media outlet Criptomoedas Fácil where he discussed the necessity of regulations for the country’s growing cryptocurrency industry.
Filho said that he and his party are ”following with caution” the recent movement in the cryptocurrency market, mentioning the price collapse in January of this year that saw Bitcoin lose nearly half of its value. As they educate themselves more on the specifics, they hope to be able to provide much-needed and well-informed regulation for Brazil.
PPL, he said, is also examining the experiences that other countries have had with cryptocurrencies in order to see which methods of regulation have been necessary and most effective.
”There is no regulation in the country for the Bitcoin market or any other cryptocurrency except Bill number 2003 has been in existence in the Chamber of Deputies since 2015,” he told the reporter, adding that through monitoring the market they hope to gather more elements that can contribute to the most appropriate format of regulation.
”Brazil is now the fourth largest Bitcoin market in terms of volume traded… [A regulatory] bill is being discussed in the Chamber of Deputies,” he concluded.
On blockchain
Filho was also asked his position on developing technologies, including blockchain, artificial intelligence and the Internet of Things (IoT), to which he responded that he had a ”visceral commitment” to their development and their ability to meet the increasing needs of the population.
”The digitization of the productive processes, although in its embryonic phase, is an integral part of the technological development,” he explained. According to the presidential candidate, there are 193 startups in Brazil that work with these emerging technologies.
PPL describe themselves as a scientific socialist party and Filho has proposed progressive investment policies to promote the Ministry of Science, Technology, Innovation and Communications as well as private technology companies, including reversing the National Fund for Scientific and Technological Development’s budget cut from 2014.
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