Thursday, January 27

PF Superintendent says Bitcoin is a challenge to justice

The Regional Superintendent of the Federal Police (PF) in Rondônia, Agostinho Cascardo Junior, said that Bitcoin is a challenge for justice.

In a lecture last Wednesday (27), Agostinho commented on the scenario of cryptocurrencies in Brazil and around the world, as well as the details of how this ecosystem works.

Recalling that large companies already work with cryptocurrencies, in an increasingly present reality, he even mentioned that Visa, Mastercard and ELO already print cards for the cryptocurrency market.

In addition, he showed that large companies have products in the sector, with a very small entry barrier. In his view, for example, it would not be impossible to see a bank like Itaú as intermediating purchases of cryptocurrencies in the market, as this is easy to do.

Thus, Bitcoin is not a great challenge to the financial market, according to specialist Public Security and Police Activity, who participated in the event “Cryptoactives and Smart Contracts – Impacts on jurisdictional activity“.

PF Superintendent says Bitcoin is primarily a challenge for justice

Agostinho Cascardo Junior explained to magistrates and servers of the Court of Justice of Rondônia the details of how Bitcoin and some of the main cryptocurrencies in the market work.

Talking about the mining system, transaction validation, among other subjects, one of the terms that Agostinho dedicated himself to explain turned out to be about smart contracts. According to the PF’s server, this will be a detail in the cryptocurrency sector and Bitcoin should be the main challenge for justice in the coming years.

“These contracts already have tens of trillions running a year. I ask: if the source is drying up and the mouth is drying up as well, how will the court be able to do its work, if it will not be able to access the contracts or the end of the demands. That’s the big challenge.

So for those who think that Bitcoin and cryptocurrencies are challenges for finance, this is nonsense. Itaú, Bradesco can launch exchanges whenever they want and use their name, power and strength to attract people to buy and sell cryptocurrencies, just wanting to. But the court will hardly be able to block funds in portfolios.”

PF Superintendent spoke about common crimes with cryptocurrencies / Reproduction

He recalled that intelligent contracts associated with oracles should influence the future of crimes, making impunity difficult for people who commit crimes.

In any case, he recalled that the Federal Police has already prepared to seize cryptocurrencies in Brazil, whether in paper formats or even in hardware wallets. Once apprehended, the agents’ first actions are to seek to move the private key of the addresses to the court’s possession.

Demonstrating great knowledge on the subject, Agostinho also stated that it is not impossible to track users of Bitcoin wallets and that law enforcement authorities are already identifying this sector.

Thus, Agostinho recalled that police officers and agents in the legal sector must be trained in this sector and identify the details about the technology, since in 10 or 15 years those who do not understand cryptocurrencies will not be useful.