BRAZIL

On August 14, a special committee met in the Chamber of Deputies to study the eventual regulation of virtual currencies, such as bitcoins. The deputy Expedito Netto (Partido Social Democrático – allied with the ruling party), who is the bill’s rapporteur, announced that he intends to submit a report to the committee before November 21.

The initiative under study foresees including virtual currencies in the definition of “payment arrangements” under the supervision of the Central Bank. The bill’s preamble discusses the “growing concerns about the effects of transactions made using these instruments,” as well the range of risks that must be monitored.

According to the rapporteur, the committee will be holding several public hearings at the end of October to discuss three central issues: the regulation of virtual currencies as alternative means of payment; the regulation of the use of these currencies based on technological and security issues; and the legal implications of their use.

Netto also intends to carry out a parliamentary mission to other countries to find out how the issue is being dealt with at international level, planning trips to England, Estonia, China, Japan and Dubai.