Brazil sees launch of cryptocurrency and blockchain association

The entity is focused on government lobbying around regulation and monitoring market trends.

The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) has been launched in São Paulo last week with the aim of increasing the debate around digital currencies with the government.

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As well as government lobbying around regulation - the Brazilian Central Bank has already expressed its concerns around a possible bitcoin bubble last year - the new association, started by Brazilian fintech Atlas Project, also wants to lead projects focused on absorbing global advances around cryptocurrencies and blockchain, its supporting technology.

Heading up the new body is Fernando Furlan, previously a president at the Brazilian Administrative Council for Economic Defense (CADE), an independent agency reporting to the Ministry of Justice.

As well as his CADE experience, Furlan has held senior roles in the Ministry of Development, Industry and Trade, as well as the Brazilian National Development Bank - the idea is that these credentials will encourage a more productive debate with the government on the topics of interest to the ABCB.

The new body's management believes that in the regulation front, the lack of a legal framework is hampering Brazil's progress in the crypto space. Despite the fact that the association's goal is to accelerate the creation of such rules, it does not believe that this will happen given events such as the World Cup and the upcoming presidential elections this year.

According to the ABCB, five Brazilian companies are in the verge of getting affiliated with the new body however the management couldn't say who they were.

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