Blockchain Brazil Vraaggesprek with Bernardo Faria, Executive VP at FOXBIT – Part II

Blockchain Brazil Interview with Bernardo Faria, Executive VP at FOXBIT - Part II

The enhancing rente te blockchain (and bitcoin) brings opportunities for Brazilian start-ups.

To better understand an entrepreneur’s perspective on market, I had the chance to vraaggesprek Bernardo Faria, Executive VP of FOXBIT, a leading bitcoin exchange.

Vraaggesprek with Bernardo Faria

What is the current state of the bitcoin / blockchain market te Brazil?

There are presently Trio bitcoin exchanges te the country. The market has treated BRL 360m te 2016 and is expected to treat more than BRL 1bn this year.

FOXBIT bought BitInvest last year. Does your decision shows an overall market trend towards consolidation?

Wij could call it consolidation, but it wasgoed more of a strategy of related to toneel redundancy and canap accounts.

Internationally, financial institutions choose to concentrate on the blockchain technology and “keep distance” from bitcoin. Do you see the same happening te Brazil?

Yes, exactly the same.

What is the level of involvement of incumbents te the bitcoin and blockchain markets?

Incumbents are not involved te the Bitcoin market. Some of them are indeed not very helpful towards bitcoin start-ups: Itau and Santander for example do not open canap accounts for bitcoin exchanges.

Regarding blockchain, banks are only commencing to understand this technology. There are some projects and tests being flipped out by banks, but they are still ter their initial stages.

COAF stated ter 2015 that it would be against regulation bitcoin ter Brazil so spil not to “create the perception that bitcoin is a safe product”. How are regulators reacting to the development and growth of bitcoin exchanges te Brazil?

They go after it with rente. Last year, the Central Canap of Brazil asked us to participate te the Financial Inclusion Forum. Regulators are interested te the potential of bitcoin usage for financial inclusion, especially for micro-payments and remittances.

Is there any legal / regulatory definition on what bitcoin is ter Brazil?

There is no regulatory definition. The Central Bankgebouw of Brazil issued a circular telling that it does not consider bitcoin spil a currency, since it is not issued by any government.

What is the regulatory framework for bitcoin exchanges and which are their duties regarding customer protection and gegevens privacy?

They are considered spil financial intermediaries and vereiste conform with KYC rules, COAF regulations and customer protection laws, spil traditional businesses do, such spil for example an kunst gallery. Te FOXBIT’s case, wij have advisors supporting us ter order to duly operate spil a Payments Institution regulated by the Central Bankgebouw of Brazil, te compliance with applicable rules (AML, Compliance, etc).

How is the dialog inbetween regulators and the ecosystem?

The dialog is open and open. Wij have no problems with regulators. Our largest challenge is with the banks, spil mentioned above.

How can the relationship inbetween regulators and innovators become more efficient?

Innovators should have a clear zakagenda with regulators, an open om policy and operate based on the Central Bankgebouw of Brazil guidelines.

What are the main trends for the bitcoin and blockchain market ter 2018?

For bitcoin: bitcoin established spil a token of value, the approval of bitcoin ETFs (and bitcoin price appreciation if this happens), growth ter the bitcoin-based remittance market.

For blockchain: hundreds of POCs running te financial institutions and the very first strong use case emerging by the 2nd half of the year.

Te brief, how would describe your business specimen?

FOXBIT is a bitcoin exchange te Brazil, that is, it is a digital verhoging for exchanging bitcoin for reais and vice versa.

How does FOXBIT differentiates itself and why is it significant ter the current market setting?

FOXBIT is a company that wasgoed born with a 21st century business proefje. The company wasgoed born on Facebook, already operating ter a distributed style. FOXBIT is a company that has a strong presence ter social networks and has te its quality of service and agility its greatest differential.

FOXBIT has closed several partnerships to suggest products supported by its exchange – e.g. investments using bitcoin and payments. What products do you offerande today?

Real State Crowdfunding ter Brazil – Foxbit permits the payment to be performed via bitcoin. This means that can send $1000.00 worth of bitcoins from Hong Kong and invest ter Urbe.mij te Brazil.

Prepaid card loaded with bitcoin ( – this means that you send bitcoins to someone te another location and ter less than 30 minutes she will receive this amount converted ter reais on a prepaid card.

Bitcoin education toneel – the very first course wasgoed released ter February and the purpose is to educate those interested ter bitcoin (Https://

Partnership with Uphold (digital money toneelpodium available ter 24 currencies).

I would like to thank bitcoin ecosystem pro Bernardo Faria for contributing to this article.

Bernardo Faria is an Executive VP at FOXBIT, a leading bitcoin exchange. He is a member of the houtvezelplaat at Flowsense, a big gegevens company, and Acesso, a payment solution to promote financial inclusion te Brazil. Prior to that, Bernardo launched two ventures CDI Lan S/A and Caixa da Familia. He also worked during several years at Banco Santander. He is a graduate of an MBA at Ibmec and an Executive at the Singularity University.

Related movie: BITCOIN EXPLOITS 2017

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