Central Bank of Brazil Aims to Introduce Better and Innovative Crypto Regulatory Infrastructure
Roberto Campos Neto has been working as the head of the Central bank of Brazil since 2019. He has been a visible and loud advocate of cryptocurrencies trading and exchange forums in the region since he has taken office. Recently, Neto opened up about the future of crypto-related regulations in the South American country. He was attending an event at the Council of Americanos recently.
Speaking to the attendees of the event, he claimed that he wishes to establish a transparent and trustworthy network for crypto trading. He also commented on the subject of central bank digital currency (CBDC) and an important matter of upcoming crypto regulations.
Regulators in Brazil are Taking Crypto Regulations Seriously
Fernando Carvalho is the president of the digital asset management enterprise QR Capital. He recently told the media that regulators in Brazil are trying to develop a better understanding of the crypto market. There are many countries in the world where federal regulators plan to impose a ban or introduce policies that are not crypto-friendly.
On the contrary, the regulatory environment in Brazil has been encouraging towards retail and institutional investors alike. Neto has been trying to work alongside the Securities and Exchange Commission of Brazil to ensure that better policies for the industry are formulated. He recently claimed that since cryptocurrencies are changing the face of finance, it is important that the regulators can adapt to the new methods as soon as possible.
According to Neto, regulators need to understand that with blockchain technology, financial records are turning into pure data. Therefore, if the federal authorities are unable to learn ways to understand and interoperate that data, they will remain unable to file proper regulations for virtual currencies. Brazil has also introduced a state-backed crypto payment initiative called PIX. More than 45% of the Brazilian citizens are registered with the said services. PIX has also partnered with a private exchange platform OKEx that allows users to trade Tether (USDT) stablecoin. Thus far, there are 96 million registered and verified users on PIX. A Bitcoin-based ETF under a ticker BITH11 listed on the Brazil exchange last week. The ETF will contribute 0.15% of its revenue to eco-friendly technology research and development.
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