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Brazilian Congressman Authors Bill To Regulate Country's Cryptocurrency

Ramsey Baker

Summary: Brazilian Congressman Aureo Ribeiro, is creating a bill meant to regulate the "wild west" of the Brazilian cryptocurrency market, according to CoinTelegraph. Crypto-related Fraud is a rampant problem in Brazil. The lack of regulation mixed with the anonymity of cryptocurrency leads to a high amount of fraud in the country. This bill mainly comes from ...

Brazilian Congressman Aureo Ribeiro, is creating a bill meant to regulate the "wild west" of the Brazilian cryptocurrency market, according to CoinTelegraph.

Crypto-related Fraud is a rampant problem in Brazil. The lack of regulation mixed with the anonymity of cryptocurrency leads to a high amount of fraud in the country.

This bill mainly comes from a video that showed a customer trying to withdraw more than $54 million worth of crypto currency from Atlas Quantum, but the request is denied. While Atlas maintains that the video is fake regulators fear that the company would be unable to honor their commitments to their userbase.

By Ramsey Baker

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