As the country develops in the market, Brazil’s Central Bank president Roberto Campos Neto understands the need for more crypto regulation.
The president of Brazil’s Central Bank Endorses Crypto Regulation
Roberto Campos Neto, president of Brazil’s Central Bank, spoke at an online event hosted by the Council of the Americas about transparent payment networks, the country’s central bank digital currency project, and crypto regulation.
Since taking office in 2019, Campos Neto has been a vocal supporter of cryptocurrencies. His innovative policymaking has served as a source of inspiration for investors and groups seeking to upgrade Brazil’s financial infrastructure.
Campos Neto cited many current discussions with Brazil’s Securities and Exchange Commission about ways to integrate cryptocurrencies into the regulatory framework during the event:
“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 Brasil:
“Brazilian regulators are recognizing the maturation of the crypto market and understanding that it is important to offer regulated products to investors looking forward to exploring these new asset classes.”
Brazil has gained news in recent years as a result of the development of Pix, a government-backed digital payment project that has gathered over 96 million users, or 45 percent of the country’s population. Pix has teamed with OKEx, a cryptocurrency exchange, to make it easier to buy Tether (USDT) in Brazilian reals.
In addition, investment firm Hashdex Asset Management introduced BITH11, a new exchange-traded fund (ETF) in Brazil last week. This is the country’s first eco-centric Bitcoin (BTC) ETF, according to the firm, which plans to invest 0.15 percent of its liquid assets in carbon credits and eco-tech each year.
In the midst of Brazil’s laudable progress in the cryptocurrency area, Campos Neto emphasizes the significance of improving legislation to keep up with the demands of innovation, asking:
“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.”