Two different Associations formed by a different set of cryptocurrency exchanges

Brazilian Cryptocurrency firms are joining forces to build a cryptocurrency Association. But all the cryptocurrency firms don’t have the same association. Some group of companies has different association another group of companies has another one.

Largest cryptocurrency exchanges namely Mercado Bitcoin, Bitcointrade, Foxbit and others joined hands to build a cryptocurrency association named Associação Brasileira de Criptoeconomia (ABCripto). On the other hand cryptocurrency Exchange such as Fintech firm is creating a rivalry association named Associação Brasileira de Criptomoedas e Blockchain (ABCB).

The local daily said that the two associations are a rivalry of each other and they are founded to control different issues pertinent altogether. But according to the vice president of ABCripto, Natalia Garcia, she believes that if the two associations come together they will work effectively.

Garcia further iterated that their association will start working with other cryptocurrency exchanges of the country and beyond. During the Press Release, she said that she is surprised that an association has no relevant cryptocurrency exchange. Despite the fact that every cryptocurrency exchange was informed in advance by the association and was ready to talk to other people.

The Goals of the two Associations

ABCrypto goal is to add more and more crypto exchanges to the association. The association is set up for advocating all the cryptocurrencies to be regulated as financial assets in the country. While ABCB has yet to decide how this association is going to regulate the other cryptocurrency exchange in the country. But, according to  Fernando Furlan, the president of the association, it will take care of privacy and regulations so that the cryptocurrency market doesn’t leave innovation.

ABCB association will be setting itself in a manner that it will guide the cryptocurrency partners through cryptocurrency principles and also will be providing financial assistance.  But there is a legal ambiguity that depends on the whether it will be considered as a financial asset or a means of payment.

ABCrypto was established in September 2017 and just after one month, ABCB was decided to be established which is still under construction. Both the organizations have said that they will create the communication channel to work upon the regulations, together.