Post
Topic
Board Legal
Merits 1 from 1 user
Re: Cryptocurrency Law in Brazil
by
inthelongrun
on 30/11/2022, 17:11:21 UTC
⭐ Merited by JayJuanGee (1)
As I am from Brazil, I have been following this for quite some time.

There is a fundamental problem here with this law, which can be checked in the portuguese version:

https://cointelegraph.com.br/news/on-a-historic-day-deputies-approve-cryptocurrency-bill-in-brazil
Abccripto, a group of old and low quality Brazilian exchanges is behind this law.

This group have tried many times before to as government to ban binance from Brazil, as binance offers a high quality service for very low fees.

You can see here abccripto asking central bank to ban binance
https://www.abcripto.com.br/post/abcripto-aciona-bacen-mpf-e-cvm-contra-corretora-binancehttps://exame.com/future-of-money/dinheiro-tendencias/abcripto-pede-que-bc-mpf-e-cvm-suspendam-operacoes-da-binance-no-brasil/

This group wouls never support this law if it didnt help them in their goal

In the end, national exchanges cannot compete with binance. They offer a bad service (low volume, few coins, high fees, instability and website goes down when price drops etc.. ). So they are trying to ban binance.

Biannce has now about 60% of Brazilian daily volume.

This seems like the same scenario in my country. A group is trying to not just block Binance from getting a license but to ban it and file a case and impose penalties since many of my countrymen including me are using Binance. Although current exchanges here are improving, they are still miles behind what Binance offers like the lower fees, high volume, plenty of markets and it is easier to use. I can feel who's behind the movement since that company is not offering BNB or BUSD while it offers some coins that have lower values.

Nonetheless, the news is still positive, especially for Brazilian crypto enthusiasts. Maybe the next debate is about letting Binance enter the Brazilian market.