Category Archives: João Goulart Filho

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Largest Brazilian Brokerage to Launch Crypto Exchange

Brazil’s largest brokerage Grupo XP has announced that it plans to enter the cryptocurrency ecosystem with an exchange in the coming months.

Brazil’s largest financial group will launch the exchange XDEX with plans to offer both Bitcoin and Ethereum exchange services. According to the company’s CEO Guilherme Benchimol, the company is being pushed towards cryptocurrency due to Bitcoin’s huge popularity in the country.

In terms of volume traded, Brazil is currently the world’s largest Bitcoin market with 3 million Brazilians being exposed to Bitcoin, compared to only 600,000 that invest in the stock market. The company intends to open the new exchange with forty employees.

The CEO appears reluctant to make the move but clarifies that he is simply following financial market trends, stating: “this is a theme I’d rather didn’t exist, but it does…we felt obligated to start advancing in this market.”

Next month’s presidential elections could be critical for the advancement of cryptocurrency in terms of who is elected. New Party candidate João Amoêdo has recently expressed pro-Bitcoin views and aims for the privatization of public enterprises like Petrobras, Central Bank of Brazil and Banco do Brasil. Although the party supports welfare programs like Bolsa Família, it aims to privatize the public health system and public education. The state would give vouchers for health and education to people who couldn’t afford it, according to Wikipedia.

Another Brazilian presidential candidate, João Goulart Filho from the Partido Pátria Livre (PPL) party, recently gave an interview to local blockchain media outlet Criptomoedas Fácil, where he discussed the necessity of regulations for the country’s growing cryptocurrency industry. Filho said that he and his party are, ‘following with caution’ the recent movement in the cryptocurrency market, hoping to be able to provide much-needed and well-informed regulation for Brazil if elected in October.

According to Reuters, Brazil’s banks are under investigation for closing brokerages trading in Bitcoin, after a request lodged by the Brazilian Blockchain and Cryptocurrency Association (ABCB). Grupo XP will clearly be watching the outcome of the investigation with vested interest.

Grupo XP has huge targets for the future, setting itself a goal of $245 billion under custody over the next three years with a bank scheduled for opening later this year.

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Brazilian Presidential Candidate Addresses Need for Bitcoin Regulation

Brazilian presidential candidate João Goulart Filho from the Partido Pátria Livre (PPL) party recently gave an interview to local blockchain media outlet Criptomoedas Fácil where he discussed the necessity of regulations for the country’s growing cryptocurrency industry.

Filho said that he and his party are ”following with caution” the recent movement in the cryptocurrency market, mentioning the price collapse in January of this year that saw Bitcoin lose nearly half of its value. As they educate themselves more on the specifics, they hope to be able to provide much-needed and well-informed regulation for Brazil.

PPL, he said, is also examining the experiences that other countries have had with cryptocurrencies in order to see which methods of regulation have been necessary and most effective.

”There is no regulation in the country for the Bitcoin market or any other cryptocurrency except Bill number 2003 has been in existence in the Chamber of Deputies since 2015,” he told the reporter, adding that through monitoring the market they hope to gather more elements that can contribute to the most appropriate format of regulation.

Brazil is now the fourth largest Bitcoin market in terms of volume traded… [A regulatory] bill is being discussed in the Chamber of Deputies,” he concluded.

On blockchain

Filho was also asked his position on developing technologies, including blockchain, artificial intelligence and the Internet of Things (IoT), to which he responded that he had a ”visceral commitment” to their development and their ability to meet the increasing needs of the population.

”The digitization of the productive processes, although in its embryonic phase, is an integral part of the technological development,” he explained. According to the presidential candidate, there are 193 startups in Brazil that work with these emerging technologies.

PPL describe themselves as a scientific socialist party and Filho has proposed progressive investment policies to promote the Ministry of Science, Technology, Innovation and Communications as well as private technology companies, including reversing the National Fund for Scientific and Technological Development’s budget cut from 2014.

 

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