Mauricio Moura, a current director of the Central Bank of Brazil, stated that anonymity won’t be a choice when making cryptocurrency transactions in the country. The representative stated that, sooner or later, all users would have their transactions identified by the government. These comments came at an event promoted by the Institute of Professionals for the Prevention of Money Laundering and Terrorism Financing.

Central Bank of Brazil: ‘Anonymity Won’t Be an Option’

Mauricio Moura, director of citizenship relations and supervision of conduct for the Central Bank of Brazil, stated that the coming regulation could ban anonymity in cryptocurrency transactions made in the country. Moura stated that the central bank is currently devising ways to achieve this objective jointly with the Brazilian Securities Commission. He declared:

I can’t say much. But the names of those involved in cryptocurrency operations will be known end-to-end. I can say that anonymity will not be an option.

Currently, all exchanges and companies in Brazil must report their operations and the operations of their customers to the regulator. But some of these companies still aren’t complying with this mandate. Moura didn’t detail how the bank would accomplish the planned objective.

Crypto Regulation Coming

Brazil is in the process of issuing a complete regulatory system for cryptocurrency assets, and the Central Bank of Brazil is included in the institutions that have a say in this process. In June, a law project that proposes a fixed period for establishing cryptocurrency regulations was introduced in Congress. While it is still awaiting approval, it would give the government 180 days to propose and approve a system to regulate and tax cryptocurrencies like normal bank transactions.

There is another commission that is currently focusing directly on the regulation of cryptocurrencies in the Chamber of Deputies. However, even with all these institutions trying to regulate crypto, the market keeps growing, and more companies are integrating crypto-related solutions into their operations.

This is the case of Visa, which recently announced it will integrate cryptocurrency solutions with traditional banking. But more importantly, the vice president of new business in Brazil has stated the company will be testing direct bitcoin payments this year. This suggests regulation is not scaring big players still interested in joining the cryptocurrency market or embedding crypto into existing platforms.

What do you think about the stance on cryptocurrency transactions that the Central Bank of Brazil has taken? Tell us in the comment section below.

Bitcoin News
News, Anonymity, Bitcoin, Central Bank of Brazil, Cryptocurrency, Regulation

Dai vs. Traditional Fiat: Examining the Advantages and Disadvantages

In the world of finance, the emergence of cryptocurrencies has brought about significant changes to the traditional financial landscape. One such cryptocurrency that has gained considerable attention is Dai. In ...
Read More

Finding the Best Crypto News Sources in 2023

The cryptocurrency market is fast-paced and ever-changing. With new projects launching, regulations shifting, and prices fluctuating daily, it's essential for crypto investors to stay up-to-date on the latest developments. However, ...
Read More

Top 5 Best Memecoins in 2023

It's the year 2023, and the meme culture got more popular than anytime. Every industry started to use memes for marketing or purely for fun. The crypto space is not ...
Read More

Momentum Trading in Cryptocurrencies: Riding the Price Trends to Profit in 2023

In the ever-evolving world of cryptocurrencies, momentum trading has emerged as a prominent strategy for savvy investors seeking to capitalize on price trends. With the volatile nature of digital assets, ...
Read More
Australian crypto exchange launches learning scheme

Australian crypto exchange launches learning scheme

There has barely been a day over the past year or so when crypto has been out of the news in Australia. It all began with the sudden collapse of ...
Read More
Share with Others