The Brazilian Presidential Candidate Has Gone Ahead to Address the Increasing Need for Bitcoin Regulation
Joao Goulart Filho, the Brazilian presidential candidate from the PPL party, Partido Patra Livre, gave an interview to the local blockchain media outlet, where he was able to discuss matters concerning the blockchain market. He was able to address some of the pressing issues, such as the need for a country to regulate this growing market especially for a country where the crypto industry is growing.
He went ahead to say that he and the party he is in are following with caution with the recent movement that has been taking place in the market.
He also mentioned the price collapse that was witnessed by many in January of this year that we saw Bitcoin loss about half of its value at the time. As they proceed in taking the necessary steps in educating themselves, they hope they will be able to provide a well-informed regulation that could be applied in the Brazilian market.
The PPL party will also be examining the different experiences that other countries have been able to have with the crypto market. Thus, help them see which methods of regulations could best be applied and those that have been effective within the country.
He went ahead to tell the reporter that currently there is no regulation that has been set in the country for the Bitcoin market or any other crypto coin in the market except Bill number 2003, which has been in existence since 2015 in the Chamber of Deputies.
He also added that with proper monitoring taking place in the market it should help in gathering more elements that will be able to contribute to some of the most appropriate formats of regulation. In terms of volume traded in the crypto market, Brazil has been ranked as the fourth largest; thus a regulatory bill is being discussed in the chamber of disputes.
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The reporter also went ahead to ask Filho on his current position with developing technologies; this is including artificial intelligence, blockchain plus the IoT – Internet of Things. He responded that he currently had an emotional commitment to the development that is taking place and the ability for this market to meet the increasing needs of the growing population.
He went on to explain the digitization that is taking place for the productive process, even though it is currently in its embryonic phase, is a very integral part of the tech development. According to him, there are about 193 startups that are in Brazil which are working closely with the emerging technologies.
The Partido Patra Livre party goes ahead to describe themselves as a scientific socialist party in the country, and Filho has proposed that they will get into progress investment policies that will help in the promotion of Technology, Ministry of Science, private tech companies, plus Innovation and Communication. All this is including the reversing of the National Fund for Scientific and the Technological development budget that was cut from 2014.