Recently, through the SEI Circular No. 4081/2020 / ME dated December 1, 2020, the Department of National Business Registration and Integration expressed its understanding of the potential for the use of cryptocurrencies for the payment of capital. Of companies. In an article I wrote at the end of 2019 for a book in memory of Professor Nelson Isrick Corporate Law, Capital Markets, Arbitration, Recently edited, I defended the understanding that virtual currencies are useless for paying companies capital because they cannot be classified as commodities.
I tried to prove that the assets that can be used to create a company’s social capital are those assets in which two essential attributes can be identified, namely their allocation and utility. What are the appropriate assets? They are man-made material or immature materials such as a car, a franchise, capable of exploiting hydraulic energy.
What is the use? They are assets that help the rightful owner for a purpose or objective legal situation. The right to explore the use of hydraulic energy to generate electricity gave the water supply an economic application from the moment it was economically exploited.
Cryptocurrencies are not considered assets because they are useless and have no chance of being acquired. The identification of the right to cryptocurrency takes place in a speculative way through individual codes. Once these codes are lost, their recovery is impossible. While it can be proven that one particular person has the key to accessing cryptocurrency, there is no guarantee that another person will not have it. The holder of cryptocurrency is not entitled to its ownership. No person, private or public, is responsible for its supply or circulation. Cryptocurrencies, in fact, are transformed into a technological experience, a global economic phenomenon.
The commercialization of cryptocurrency by regulatory authorities cannot be regulated and for this reason alone it cannot be turned into an asset. The purpose of the regulator is to protect the investor in order to ensure that the investor’s sale takes place in accordance with current investor protection rules.
However, it is an undeniable fact that the expansion of the use of cryptocurrency is significant. They attract the speed and quantity with which information about cryptocurrencies arrives. At present, cryptocurrencies cannot be considered assets, so I understand the ineffectiveness of contributing to the creation of corporate capital based on the reasons presented here in a very concise manner. Finally, it is easy to quote two acid observations from two brilliant Brazilian economists, Gustavo Franco and Roberto Campos.
First, in an article published in the newspaper Or balloon On July 28, 2019, he analyzed the phenomenon of cryptocurrencies and asked if any company could publish its cryptocurrency, using the blockchain method and convert it into its products. And, “Why not?” At the end of the article, the author quotes his text as saying: “In fact, when you ask this question, discovery has already become inevitable.”
Second, in his book Collection of Good Sense, And before imagining that there might be something similar to a cryptocurrency, he shares Walter Heller’s opinion: “An economist, when he sees something working in practice, asks himself if it works in theory.”
Cryptocurrency has become a reality and seems to work in practice. The theory is lacking.
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