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Luiz Inacio Da Silva, also known as “Lula”, a frontrunner to become the next president of Brazil, clarified his position on cryptocurrencies. Lula already served an eight year period as president between 2003 and 2011.
With bookmakers having him as the outright favorite to beat sitting president Bolsenaro after having obtained the most votes in the first round of the presidential elections, Lula said that the impact of the cryptocurrency market in the country will need to be monitored. This, he said, to avoid a negative impact on the country’s economy.
The candidate detailed that the Central Bank of Brazil has an important role to play in creating a safe market and believes that the banking authority should be the one responsible to develop a cryptocurrency law framework. Lula said that a clear directive on cryptocurrencies will aid to “prevent unlawful action by utilizing crypto assets, such as money laundering and currency evasion, as well as other fraudulent trading practices.”
Buying, selling and transfering cryptocurrencies in Brazil is currently a gray area without the proper customer protection.
A study published in September of 2021 revealed that 50% of Brazilians would like to see Bitcoin as legal tender in the country.