Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Brazil’s central bank president favours crypto regulation

As the country develops on the market, Roberto Campos Neto, governor of the central bank, acknowledges the necessity for further crypto-regulation.

President’s Thoughts

Roberto Campos Neto, president of Brazil’s Central Bank, gave his thoughts on transparent payment networks. This also included the nation’s Digital Currency Central Bank and crypto-regulation. During an online event hosted by the Council of the Americas.

Since entering office in 2019, Campos Neto has been a strong supporter of the bitcoin space. He has gradually implemented his political initiatives to promote the modernization of the Brazilian financial infrastructure for investors and organizations alike.

Welcoming Crpyto

During this occasion, Campos Neto talked about the welcome of cryptocurrencies in the regulatory environment in various ongoing debates before the Securities and Exchange Commission of Brazil:

“The financial market is changing so much that it’s all becoming data. We need to reshape the world of regulation.”

Last month, Fernando Carvalho, CEO of QR Capital, told Cointelegraph Brazil:

“Brazilian regulators recognize the maturation of the crypto market. Therefore, understanding that it is important to offer regulated products to investors looking forward to exploring these new asset classes.”

Pix

Over the last several years, Brazil generated noteworthy news after advancements in a government-supported digital payment project called Pix, which has gained a 45%, representing more than 96 million users. Pix partnered with cryptographic exchange OKEx in exchange for Brazilian real to facilitate purchases of Tether.

In addition, the company Hashdex Asset Management established a new Exchange Traded Foundation (ETF), named BITH11, in Brazil last week. The first ETF is to give 0.15% of its liquid assets to carbon credits and eco-tech annually.

Neto is Enthusiastic

Campos Neto is enthusiastic about recognizing the necessity of promoting legislation to meet the demands of innovation among Brazil’s notable achievements in the field of cryptocurrency:

“How can we reshape the word’ regulation?’ Finance will become about data. It will be impossible to regulate financial transactions without understanding the regulation of data.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.