Brazilian Congressman calls for public hearing to discuss bitcoin

Regulation | July 7, 2015 By:

Brazilian Congressman Manoel Junior has proposed a public hearing to discuss bitcoin and digital currency regulation.

Congressman Manoel Junior wrote, “There are some relevant questions which need to be asked in relation to bitcoin’s increase use. Could it potentially replace fiat currency as a form of payment, unit of account and a store of value? If so, how would this impact the country authorities’ ability to define monetary and exchange policies?”

The hearing, if held, would involve representatives from Banco Central do Brasil; the Receita Federal, the Brazilian tax enforcement agency; Conselho de Controle de Atividades Fiancerias, the country’s anti-fraud agency; and representatives of the local bitcoin industry.

Junior also suggested his opinion that such risks should be assessed in order to maintain security as the technology becomes more widely adopted.