CVM innovates is the first regulator in Brazil to join the UN global pact to fight corruption

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CVM innovates is the first regulator in Brazil to join the UN global pact to fight corruptionNOTÍCIAS

 

 

The Brazilian Securities Commission, CVM, has announced the entry of the Municipality into the Brazil Bitcoin Future Network of the Global Compact, an initiative of the United Nations (UN).

 

The network focuses on mobilizing the business community in the adoption and promotion, in its business practices, of Ten Principles universally accepted in the areas of human rights, labor, environment and anticorruption.

 

Thus, with the creation of the Sustainable Development Goals (SDOs), the Global Compact also has the mission of engaging the private sector in this new agenda.

 

„It is a satisfaction to be able to combine this announcement with the celebration of the 44th anniversary of the CVM, at which time we propose a deepening of discussions on socio-environmental issues. Our entry into the Global Compact demonstrates the regulator’s commitment to this agenda and the continuous effort to promote market development on an increasingly solid and transparent basis,“ said Marcelo Barbosa, President of CVM

 

According to Marcelo Barbosa, the CVM is the first Brazilian regulator to be admitted to the Global Pact and will have tools that will contribute to broaden the involvement of the municipality with sustainability issues and discussions in the area.

 

According to the CVM, this will also enable the municipality to participate in local and international programs.

 

„The actions will be conducted effectively, reinforcing our commitment as a regulator and supporting the 10 universal principles emphasized by the Pact in relation to human rights, labor, environment and anti-corruption,“ he commented.

 

There are already more than 16,000 participants in the initiative, in almost 170 countries, with more than 1,100 members in Brazil (the fastest growing local network in 2020).

 

Fighting corruption

Recently in an article published on the O Globo newspaper portal, David Gibbin, CEO of financial market software developer Investtools, argues that blockchain technology is the key to „freeing Brazil from political and institutional chaos“ and can help the country in the goals of the Global Compact to fight corruption.

 

„In the current political scenario, where news about corruption and money laundering is increasingly frequent, the population’s longing for tools of transparency in governments is inevitable. Although a solution to the control of public spending seems utopian, given the scale of the problem in Brazil, it exists and is in a technology known to many, but really understood by few: the blockchain“.

 

The principles of blockchain, writes Gibbin, with all computers on the network working together and having to validate transactions, „generate a new and unprecedented standard of security,“ and the immutability of the technology also makes fraud almost impossible.

 

In the control of public spending in blockchain, all movement is compulsorily registered and traceable by any actor of the network, that is, the data is public.

 

According to him, the blockchain tends to be increasingly exploited as a tool to protect democracy:

 

„Technology takes away from government and other corruptible entities the roles of providers and issuers of an increasingly fragile „truth“.