Brazilian institutions will make efforts to promote a regulatory framework that benefits users and all the industry
Recently, in some press media from Brazil, it was known that some government authorities are working in order to create a new regulatory framework that seeks to control, and at the same time to promote, new technologies with the aim of getting prepared for future advances in blockchain technology, this is, Artificial Intelligence (AI), among others.
It is known that, mostly, financial and governmental authorities of the South American country have developed a regulatory model similar to a sandbox structure that will seek to satisfy, mainly, the needs of its citizens, and that can also include elements that motivate financial and industrial growth. Among them, is blockchain technology.
Some of the most important actors of this initiative are top representatives of the Central Bank of Brazil, the Superintendence of Private Insurance, the Ministry of Economy of Brazil and the Securities and Exchange Commission (CVM). These organizations have reiterated their interest to belong to any project related to the so-called “Digital Transformation”, with the central motivation of improving the country’s economic stability and minimizing financial risks in key areas such as insurers, banking, public capital, and others.
The Securities and Exchange Commission has expressed its deep interest in supporting the consecutive growth of new technologies, taking as an example the robotics and blockchain technology, which, according to spokesmen, have managed to make big changes in the business models of large corporations and industries, motivating the creation of innovative products, higher quality and safety services.
All agencies and institutions participating in this initiative have declared their total willingness to enforce the rules and regulations that are approved for each area of the economy. The idea is to propose a consensus agreement to allow correct access to innovative technology.
In addition, to contribute actively to the establishment of the regulatory framework, these companies also seek to get directly involved with this technology, in order to guide the legislative processes. For this reason, the Financial Action Group will be responsible for proposing important plans that guide actions to sensitive areas such as “digital assets”.
Spokespersons of these organizations and institutions hope that this regulatory framework will help significantly to establish clear rules that help to preserve the safety of users and that allows to support the basic needs of the industry, so that it can be developed and settled.
Establishing an ideal regulatory framework has represented a challenge for all those countries that have made efforts to regulate these new technologies. This is due to the complexities that arise within a terrain that still needs to be explored and expanded.
A large number of institutions interested in making the so-called Proof of Work (PoW) with these technologies will be needed to help support all areas of the economy without affecting users and without stopping new developments, growth or research of the related industries and their products, taking into account the users’ needs and the innovations of the current time.
By María Rodríguez