Luiz Philippe DE Orleans-Braganza, a descendant of the former royal family of Brazil, has spoken out against cryptocurrency regulation within the country, Top Market Group reported on July 15.

Orleans-Braganza, who is additionally a federal deputy within the Brazilian National Congress, spoke out throughout a special commission meeting whereby lawmakers discussed a bill that proposes a legal framework for digital currencies.

Orleans-Braganza said the bill ought to solely be discussed within the Congress if there's high consumer demand for it. Otherwise, per Orleans-Braganza, it's just an example of the state intervening in something that isn't its business:

"Good regulation is one that comes from the consumer's demand for something that he felt injured and requires state protection. I question this adventure of desperate to regulate something that customers and corporations organized to receive Bitcoin don't demand.”

Orleans-Braganza additional noted that cryptocurrencies might typically be used below illicit circumstances, however, that doesn't justify limitless regulation by the state.

The President of the Chamber of Deputies, Rodrigo Maia, requested the creation of the said special commission to deliver an opinion on the bill that aims to control Bitcoin (BTC) and alternative digital currencies in Brazil, on May 30, 2019. The commission consists of 34 members in accordance with the House Rules of Procedure.

In June, the Department of Federal Revenue of Brazil discharged new rules requiring that cryptocurrency exchanges inform the regulator concerning users' transactions so as to identify tax fraud. The agency currently needs that cryptocurrency exchanges operators primarily based in Brazil provide information regarding all transactions carried out inside their system.

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