{"id":261516,"date":"2020-05-21T12:53:04","date_gmt":"2020-05-21T16:53:04","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=261516"},"modified":"2020-05-21T12:53:04","modified_gmt":"2020-05-21T16:53:04","slug":"brazilian-antitrust-regulator-to-continue-probe-into-banks-crypto-restrictions","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/brazilian-antitrust-regulator-to-continue-probe-into-banks-crypto-restrictions","title":{"rendered":"Brazilian Antitrust Regulator to Continue Probe Into Banks\u2019 Crypto Restrictions\u00a0"},"content":{"rendered":"

Several Brazilian banks could be in for a bit of a rough time, as a financial regulator in the country has vowed to continue investigations into bias against crypto firms.\u00a0<\/span><\/p>\n

Late last week, the Administrative Council for Economic Defense (CADE), Brazil\u2019s antitrust regulator, <\/span>voted<\/span><\/a> to keep probing firms after they appeared to have denied services to cryptocurrency firms.\u00a0<\/span><\/p>\n

Banks are Deliberately Censuring Crypto Brokerage Firms<\/b><\/h2>\n

CADE has been looking into several of Brazil\u2019s top banks \u2013 including Ita\u00fa Unibanco, Banco do Brasil, Santander, Inter, Bradesco, and Sicredi\u00a0\u2013 for about two years now. The banks comprise a significant share of the country\u2019s banking sector, but the regulator also believes that they have violated competition laws by censoring crypto firms.<\/span><\/p>\n

On their part, the banks have explained that their move was merely a prudent one. Most of these institutions have reportedly been afraid of the lack of regulatory clarity surrounding the assets. At the same time, they\u2019ve been wary of crypto\u2019s eventual success in a country like Brazil, and what such an eventuality could mean for their industry.<\/span><\/p>\n

However, a lack of access to brokerage services means that crypto exchanges can\u2019t provide their customers with cash on and off-ramps.<\/span><\/p>\n

In its ruling, the regulator confirmed that the banks could end up being hit with sanctions. If it finds them guilty, the regulator will also ensure that it compels them to provide financial services to crypto firms.<\/span><\/p>\n

The case has been on shaky ground already. Last week, the General Superintendency, CADE\u2019s investigative wing, attempted to shut the case down on technical grounds. However, Counselor Lenisa Rodrigues Prado called on the regulator to carry on with the investigations last week.<\/span><\/p>\n

Prado especially criticized the banks for failing to justify why they restricted crypto brokers from accessing their services. She also confirmed that she had found strong evidence of competition law violations, and she asked CADE to sanction them.<\/span><\/p>\n

A Possible New Era on the Horizon<\/b><\/h2>\n

A similar trend recently got nixed in India. The Reserve Bank of India instituted a ban on crypto in 2018, effectively meaning that commercial banks couldn\u2019t serve any companies in the state, even if they wanted to.<\/span><\/p>\n

Last year, however, the Internet and Mobile Association of India \u2013 a crypto non-profit \u2013 dragged the Reserve Bank to the Supreme Court of India.<\/span><\/p>\n

While the central bank explained that it did so to protect the economy, the country\u2019s Supreme Court reversed the decision earlier this year. In their <\/span>decision<\/span><\/a>, the three judges that presided over the case stated that the Reserve Bank hadn\u2019t provided any proof that crypto was dangerous to the economy.<\/span><\/p>\n

Following the reversal of the ban, several top crypto and FinTech firms have flocked to India to seize a fledgling market. The same could be said for Brazil.<\/span><\/p>\n

Last week, research and consulting firm Delphi Digital published \u201c<\/span>The State of Bitcoin<\/span><\/a>,\u201d a report which showed an overview of the crypto market post-halving. The company highlighted that the Brazilian central bank had lowered its interest rates to 3 percent. Given that the country\u2019s currency \u2013 the Real \u2013had dove 30 percent against the dollar, investors could soon be leaving the country.<\/span><\/p>\n

Delphi stated that this could open the doors for greater Bitcoin adoption in the country, as more investors no longer see the risk-reward for local markets.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Several Brazilian banks could be in for a bit of a rough time, as a financial regulator in the country has vowed to continue investigations […]<\/a><\/div>","protected":false},"author":1770,"featured_media":244550,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[5542,8791,7598],"class_list":["post-261516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-banking","tag-brazil","tag-crypto"],"acf":[],"yoast_head":"\nBrazilian Antitrust Regulator to Continue Probe Into Banks\u2019 Crypto Restrictions\u00a0 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Several Brazilian banks could be in for a bit of a rough time, as a financial regulator in the country has vowed to continue investigations into bias against crypto firms.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazilian Antitrust Regulator to Continue Probe Into Banks\u2019 Crypto Restrictions\u00a0\" \/>\n<meta property=\"og:description\" content=\"Several Brazilian banks could be in for a bit of a rough time, as a financial regulator in the country has vowed to continue investigations into bias against crypto firms.\u00a0\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-21T16:53:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-43.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"687\" \/>\n\t<meta property=\"og:image:height\" content=\"446\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Brazilian Antitrust Regulator to Continue Probe Into Banks\u2019 Crypto Restrictions\u00a0\",\"datePublished\":\"2020-05-21T16:53:04+00:00\",\"dateModified\":\"2020-05-21T16:53:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516\"},\"wordCount\":563,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-43.jpg\",\"keywords\":[\"banking\",\"Brazil\",\"Crypto\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261516\",\"name\":\"Brazilian Antitrust Regulator to Continue Probe Into Banks\u2019 Crypto Restrictions\u00a0 - 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