Crypto-Brazilian companies and stock exchanges create "rival" cryptocurrency associations


shutterstock 1066551185 - Crypto-Brazilian companies and stock exchanges create "rival" cryptocurrency associations

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The largest cryptocurrency exchanges in Brazil, including Bitcointrade, Mercado Bitcoin, Foxbit and others, have recently united their strengths to create a cryptocurrency association. whose purpose is to defend the interests of cryptocurrency users. The organization, dubbed Associação Brasileira de Criptoeconomia (ABCripto), recently discovered that other companies had created a "rival" association.

Under the leadership of Atlas Project Fintech, other companies related to cryptography apparently joined forces to create another organization, called Associação Brasileira of Criptomoedas e Blockchain (ABCB)

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According to the portal portal Local Information Bitcoin, both projects apparently have different interpretations of cryptocurrency regulations, but they think that they should work together. Natalia Garcia, vice president of ABCripto, revealed that she had recently discovered ABCB.

The Garcia Association will start working with the country's cryptocurrency exchanges, along with other companies, in "two to three weeks." Speaking of the publication, she said:

"I fear that an association has no relevant exchange, everyone in the market knew we were building an association and we were preparing to talk to other actors of the market. "

The goal of ABCripto is to create different categories, so that a large number of companies related to crypto can join. The association is ready to advocate for crypto-currencies to be regulated as assets in the country. Garcia revealed that he is currently "looking for regulators so that they can tell us the best way to regulate."

ABCB, on the other hand, has not yet taken a stand on how crypto-currencies should be regulated in Brazil. According to the president of the association, Fernando Furlan, the association will "defend the markets of cryptocurrency in Brazil, defend privacy and regulations that will not end innovation."

ABCB is becoming a place that will help guide its partners through a set of principles, while providing regulatory assistance. It will link authorities and regulators to cryptographic companies, promoting the debate.

With respect to the regulations, Furlan stated:

"There is legal uncertainty, depending on the purpose, it can be considered a means of payment or a financial asset."

ABCB would have been "under construction" since October 2017, about a month before the creation of ABCripto. The organizations revealed that they could open a "communication channel to work together for the good of the country".

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