Brazil’s New President Lula da Silva’s Stance On Crypto

Lula da Silva defeated incumbent president Jair Bolsonaro in a close election this Sunday.

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What does the leftist politician’s win mean for crypto regulations in the South American country?

Earlier in his campaign Lula declared that the Central Bank of Brazil should be responsible for building a cryptocurrency law framework.

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Lula da Silva had said that the crypto regulations should help avoid illegal practices like money laundering, currency evasion and fraudulent trading.

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Brazil’s newly elected president is in favor of breaking Brazil’s dependence on international dollar markets.

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Brazil is currently in the pilot phases of its own central bank digital currency, the digital real.

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There is already a crypto bill in the workin in Brazil, but now Lula has the power to veto the bill and ask to form a new one.

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