Under the premise “decentralization without transparency is nothing”, the Bitcoin group Banco de Brasil created BitScore Coin, a platform that will allow to interconnect the Brazilian justice system with the data of the users of Criptomonedas exchange houses that are Being investigated by the organs of the judiciary.
Through press information disseminated by the Brazilian media, the group reported that the system will be presented for approval before the National Council of Justice (CNJ), the superior entity of the judicial sector in Brazil, in the coming days.
The platform was created in order to expedite procedural procedures by offering judges direct access to data of interest to educate the causes of money laundering and other financial crimes. By using BitScore Coin, judges will not have to wait for the time it takes for information and court orders, when they are conducted through trades or interinstitutional communications.
BitScore Coin is inspired by two other systems that the CNJ has in the South American country: “Bacenjud”, of the Central Bank of Brazil and the institutions of the financial system; and “Renajud”, from the National Department of Transit.
If the tool is homologated by the CNJ, the Bitcoin bank databases and the other two Criptomonedas exchange houses belonging to the group, NegocieCoin and Zater Capital, will be available to the judiciary. Any Exchange house that wishes to adhere to this system will also be able to do so to ensure transparency among its users.
The BitScore Coin website explains that the authorities will be able to access the information using the tax registration number of the involved (which is known as the CPF) and attach legal notices, including applications for blocking assets. Immediately, the user’s object of investigation will be blocked in all the exchange houses registered in BitScore Coin. In addition, the authorities may examine the records at any time and request further information.
The BitScore Coin tool can be used by any Criptomonedas Exchange house that operates in Brazil, both local and international, and who wishes to adhere to work with justice. In this sense, the aim is to achieve the greatest possible transparency in the digital currency market and to contribute to the authorities that supervise financial transactions, to prevent the criptomonedas being used for illicit purposes.
The Bitcoin bank Group is composed of five companies, including the Bitcoin Bank, Zater Capital, NegocieCoins, Opencoin and inspires Imóveis. It is defined as a consortium dedicated to technology and innovation, as well as to demystify the concepts of Criptoactivos.