Brazil, like some countries who view cryptocurrencies as a threat, has been taking severe action in preventing its growth. Some of the measures taken include closing bank accounts associated with any crypto exchange and wallets, and impeding users from creating bank accounts for crypto. To oppose the Brazil banks comes the Brazilian Association of Cryptocurriences and Blockchain (ABCB).

The ABCB has recently announced that it will be petitioning against banks who are avoiding the entry of cryptos and blockchain. In doing so, they want the Brazilian Council for Economic Defense to put an end to this unfairness.

Fernando Furlan, the President of ABCB believes that the banks’ approaches are simply “abusive”. He went on to stating that any platform that brings innovative ideas into any sector, especially that of the finance, should be encouraged as it can promote progression.

According to the claims made, such a petition and investigation is not new to Brazil, as Brazilian banks have been continuously ceasing all operations related to cryptocurrencies. As for the investigation, banks like the Bradesco, Santander Brasil and Caixa Economica Federal have been selected, which are just a fraction of the many chosen ones.

While the moves made by ABCB are a stepping stone for the country of over 2 million crypto investors – with a possible meeting in place with the Brazilian Central bank – how it will all turn out is still unpredictable. If all goes well, Brazil will make it to the list of countries who are looking into lifting restrictions on crypto and blockchain tech.

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