The committee on consumer protection established by the Brazilian Parliament’s lower chamber has held a meeting dedicated to cryptocurrency regulation. It came as a part of the discussion around the draft law which may empower the country’s Central Bank to oversee cryptocurrencies.

The meeting was attended by the head of the Council for Financial Activities Control, the CEO of the CoinBR bitcoin trading platfom, the State University of Campinas’ researcher Guilherme Santos Mello, and representatives of the Brazilian Federation of Banks and the country’s Central Bank.

During the meeting Antonio Gustavo Rodrigues, the President of the Council for Financial Activities Control, stated that, despite there is a potential threat of bitcoin ATMs’ being used for money-laundering purposes, digital currencies should not be criminalised and no specific regulation for them is needed.

According to Coindesk, the representative of the Central Bank assured that Brazil would not follow the example of other countries and will be looking for the ways to deal with digital currencies independently.

The discussion comes amidst the reports about the plans of the G7 and the EU to tighten digital currencies regulation, after the Paris terror attack.

Maria Rudina