Elections 2022: ABCripto publishes information letter to candidates

on the eve of electionsthe entity ABCcrypt released an open informative letter to candidates for the post of President of the Republic.

“In this open letter, the ABCcrypt introduces candidates to the relevance of Cryptoeconomics for the economic and technological development of Brazil, exposing below the main applications and their benefits”, introduces the letter.

Created in 2017, the entity’s objective is to unite players from the world of crypto assets and blockchain for dialogue with the government, as well as carrying out actions in favor of technological development and innovation

The letter brings information and data about what the cryptoeconomy is and what it encompasses. In addition to showing how it can impact the Brazil and the importance of dealing with the matter with responsibility and understanding in the public sphere. Check out:

What is cryptoeconomics?

“Cryptoeconomy is a stage of the Digital Evolution that we live. Underpinned by an ecosystem of blockchain-based technologies, platforms and consensus algorithms. It has the potential to boost the financial inclusion of the population and increase the supply of products and services available to families.

It can contribute to economic growth, increase the volume of business and the generation of jobs due to the new fronts arising from it.

It has the possibility of increasing the efficiency of traditional commercial and financial operations, in a safe way, significantly reducing the number of intermediaries.

Among the numerous possibilities involving Cryptoeconomics, the following terms usually stand out:

• Cryptocurrencies or Cryptoassets – representations of digital value that can be used as a means of payment or a store of value by people and companies;

• Tokens – digital representations of assets (physical or digital), products and services.

• NFTs – non-fungible tokens – cryptoassets that attest to the ownership of assets, e.g. works of art, real estate registration, etc.;

• Cryptoasset Funds – Investment funds duly authorized by regulatory bodies that contain cryptocurrencies, cryptoassets and tokens in their portfolios.

• Smart Contracts – executable programs that allow the automation of financial transactions, using blockchain technology.

• Tokenization
• Tokenizing means creating the digital representation of assets and services through blockchain technology. Among the various applications, tokenization allows you to transform an asset into small parts that can be acquired by several people or companies. This simple action allows people and companies to have access to different types of assets at affordable prices. Bringing democratization and inclusion to the population. For example, the assets already available on the market: court documents, consortia, receivables, real estate projects, works of art, games, football clubs, logistics services, certification of ownership, among others.”

ABCripto’s suggestions for presidential candidates

In the informative letter, in addition to presenting the definitions of the crypto universe, the entity suggests how certain areas can be treated by the public authorities, and how they can also impact the country in a beneficial way.

“Principles and guidelines for the sustainable development of the Cryptoeconomy

It is essential that the cryptoeconomy has rules and policies that, without hampering innovation, favor development, protect consumers, investments, combat bad practices and systemic risks.

As supports of the cryptoeconomy, we highlight:

• Security, transparency and trust Rules must guarantee the solidity and transparency of operators. In order to ensure security and integrity in operations, access and custody of assets under their responsibility.
• Consumer protection Operators must be within the reach of authorities, inspection and protection bodies and adopt good governance and security practices.
• Prevention of Money Laundering and Financing of Terrorism A joint effort between the public and private sector is essential, therefore, in our self-regulation we apply strict protocols of “Know Your Customer”, “Know Your Transactions”, monitoring and reporting to the authorities, for example , COAF. It is important that channels with the authorities are open and available whenever necessary.
• Combating Financial Fraud We have a solid financial system. The cryptoeconomy can contribute as an integral part of this system. To do so, it must operate in accordance with best practices and adjusted regulations for new types of operations and businesses. Furthermore, it is necessary that pyramids, evasion practices and other “schemes” continue to be fought.
• Knowledge and promotion by the Public Power Initiatives aimed at knowledge and the participation of the public power in educational programs are necessary for the introduction of cryptoeconomics in a balanced way in financial decisions and in the education of the population. Bearing in mind that the adoption of technology by the Government allows for greater control and transparency. It can be applied in activities that require traceability, immutability and inviolability of information.
• Education Education is the great foundation of society, because only through the dissemination of knowledge can all values, principles and guidelines be applied effectively. This also goes through Cryptoeconomics.

• Promotion of Free Enterprise and Competitive Equality A healthy and equal market is one in which everyone competes under the same rules, thus establishing reasonable and adequate conditions for operators to be able to offer products and services more broadly, while at the same time that the sector develops naturally.”

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O Money Times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.