Brazil’s Central Bank will connect to cryptocurrency exchange houses

The government will launch blockchain to know and share customers data of cryptocurrency exchanges

Focused on protecting the clients of the digital financial system, the authorities of the Central Bank of Brazil recently announced the creation of a blockchain platform to share the data between the directors of the institution and other government entities. The list includes the Private Superintendence of Insurance (SUSEP), the Securities and Exchange Commission (CVM) and the National Superintendence of Complementary Pensions (PREVIC).

With the premise: “Decentralization without transparency is nothing“, the platform called Pier will make it possible to share the information of users safely and immutable. With the measure, there will be no way for any entity to modify or access said data without authorization.

The proposal will be subject to the considerations of the National Council of Justice. On the other hand, the Bitcoin Group Bank of Brazil created the BitScore Coin platform, which will allow the national justice system to be interconnected to the data net of the clients of the crypto brokerage firms and investigate any related crime.

The authorities of the local Central Bank have emphasized that they seek to protect users, in addition to preventing cyber crimes, money laundering, fraud and scams, such as those that have occurred in recent months around the world. The blockchain platform will minimize the judicial procedures, because they will immediately have the information available in the network.

All cryptocurrency brokerages that wish to adhere to the proposed system with blockchain technology will be able to do so. If a crime is discovered, the client’s assets will be immediately blocked in all the entities and the relevant judicial procedure will be initiated.


Source: Elevenews

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