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Brazil & Southern Cone - February 2018 (ISSN 1741-4431)

Brazilian investment funds banned from trading Bitcoin

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), ruled that fund managers registered in the country cannot trade using ‘directly acquired’ Bitcoin or other cryptocurrencies because they “do not qualify as financial assets”. The verdict is the culmination of months of congressional debate, which has sharply polarised opinion.

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