The financial controller Brazil has banned local funds to invest in cryptocurrencies

The Commission on securities and exchange Commission of Brazil (CVM) announced Friday that local investment funds it is prohibited to place funds in cryptocurrency. Currently, the regulators of countries are developing legislation to cryptocurrency, and to discuss this issue have already held seven public hearings.

At the end of last week, CVM issued a circular, addressed to all officials responsible for the administration and management of investment funds in the country. It says that the direct purchase of crypto currencies investment funds is not allowed.

Reuters said: «Cryptocurrencies can’t be considered as financial assets which are controlled by the financial regulator CVM, and therefore direct investment in such assets as bitcoin is prohibited for investment funds».

In addition, local foundations interested in indirect investment in crypto currencies by participating in foreign funds should expect further clarification of the position of the regulator.

In may last year in the Chamber of deputies of Brazil was created a special Committee to discuss the regulation of cryptocurrencies, including bitcoin. In the second half of 2017 held seven public hearings to discuss this topic. In December last year, the CVM and the Central Bank of Brazil issued a joint statement about the risks associated with cryptocurrencies.

In the same month Expedito Net (Netto Expedito), member of the house of representatives issued official guidelines that essentially prohibited to sell, produce or store bitcoin third-parties, or to exchange it for Fiat currency without official permission. Recommending a penalty of imprisonment for a period up to 6 months or penalty for the violation, the Net worth did not specify what constitutes «permission».

At the December public hearing held in the Chamber of deputies, the Executive Director of digital issues of the Banco do Brasil Dzhonatas Ramalho (Ramalho Jonatas) protected
the development of rules that would create a more favourable environment for the use of cryptocurrency. According to him, «regulation of bitcoin and similar assets can open for banks able to offer products and services aimed at cryptocurrency».

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