Brazilian Senator Warns: Central Bank’s Blockchain Push Could Threaten Notary Offices – “They Hold Public Trust”

• Why Is a Senator Fighting for Notaries in the Age of Blockchain?
• The Hidden Battle: Blockchain vs. “Fé Pública”
• PEC 65/2023: More Than Just a Power Grab?
• Notaries 2.0: Can Old Systems Survive New Tech?
• What’s Next for Brazil’s Digital Currency Plans?
• FAQs: Brazil’s Blockchain vs. Notaries Debate

In a bold MOVE that pits tradition against innovation, Senator Eduardo Gomes (PL-TO) has raised alarms about the potential clash between Brazil’s Central Bank blockchain ambitions and the country’s notary offices. As the PEC 65/2023 proposal—which could grant unprecedented autonomy to the Central Bank—advances, Gomes argues that technologies like blockchain and smart contracts must not undermine the "public faith" vested in notaries. Here’s why this debate matters for Brazil’s financial and legal future.

Why Is a Senator Fighting for Notaries in the Age of Blockchain?

Senator Gomes isn’t just making noise—he’s backing his concerns with a formal amendment to PEC 65/2023. His argument? While the Central Bank’s Drex digital currency project (which integrates blockchain and asset tokenization) could modernize finance, it risks stepping on the toes of Brazil’s notary offices. These institutions, governed by Article 236 of the Constitution, handle everything from property deeds to marriage certificates. Gomes insists their role as guarantors of "public faith" must remain untouched by fintech disruption.

The Hidden Battle: Blockchain vs. “Fé Pública”

At the heart of the debate is a legal gray area. Notaries in Brazil aren’t just bureaucrats—they’re judicial delegates with authority to validate documents. Gomes warns that blockchain-based registries, if implemented carelessly, could create "regulatory no-man’s-land" where smart contracts clash with notarized records. "We can’t let financial infrastructure overlap with the legal certainty notaries provide," he stated, pointing to potential conflicts in asset registrations and contracts.

PEC 65/2023: More Than Just a Power Grab?

The proposed constitutional amendment, signed by 42 senators before stalling in July 2024, WOULD grant the Central Bank full budgetary autonomy. Supporters argue this shields monetary policy from political meddling. But Gomes’ amendment reveals a subtler agenda—it’s not just about independence, but about defining where the Bank’s tech-driven authority ends and traditional legal institutions begin.

Notaries 2.0: Can Old Systems Survive New Tech?

Brazil’s notary offices aren’t Luddites—many already use digital tools. But Gomes stresses that blockchain’s decentralized nature challenges their constitutional role. "Imagine a property deed on a smart contract conflicting with a notarized record," says a BTCC market analyst. "Without clear rules, courts could face a tsunami of disputes." The senator’s solution? A legal firewall separating financial innovation from civil registries.

What’s Next for Brazil’s Digital Currency Plans?

The Drex project continues developing, with partners like Mercado Bitcoin. But Gomes’ intervention signals growing pains ahead. As one policy insider quipped, "Even Satoshi didn’t account for Brazilian notaries." The coming months will test whether blockchain can coexist with "fé pública"—or if one must yield.

FAQs: Brazil’s Blockchain vs. Notaries Debate

What is PEC 65/2023?

A constitutional amendment proposal to grant Brazil’s Central Bank full financial and operational autonomy, currently under legislative review.

Why are notaries worried about blockchain?

Their constitutional role as providers of "public faith" in legal documents could be undermined if blockchain registries bypass traditional notarization.

How does Drex relate to this debate?

The Central Bank’s digital currency project involves blockchain infrastructure that might overlap with notary functions in asset registrations.