By Shelly Melancon (Switzerland)
The head of Brazil’s apex financial institution made his opinions on various issues about the cryptocurrency industry known recently, including regulation for the country’s crypto industry. He made his opinions known during an Americas Council virtual meet.
Neto’s Investor-Friendly Policies
Roberto Campos Neto assumed the office of Brazil’s apex bank president two years ago in his current role, and he hasn’t been shy about crypto adoption in the country. He has been making investor-friendly policies, including a revamp of Brazil’s infrastructural finance model.
Neto shared details on how the apex financial institution and the country’s financial agency are discussing the right way for digital asset adoption. Neto further said, “there is an ongoing shift in the finance market with emphasis on data and which is set change financial regulation in our world.”
A CEO of one of the top exchanges in Brazil told the media that “our financial regulators now understand that the crypto market here has come of age. Thus, they need to enable policies that will allow investors to explore this space by regulating this asset category.”
Brazil Is Not Shy Of Finance Technology
Brazil authorities have always supported finance-related technological advancements, and one of the few it supported recently was a payment settlement system known as Pix. The Pix system can now boast of almost 100 million users, which is about 47% Brazilians.
To serve its users better, Pix has agreed with OKEx exchange to convert USDT to the local currency. Also, a few weeks ago, a Brazilian investment firm launched an exchange-traded fund. The company disclosed its intention of funding Brazil’s Eco-tech space using 0.16% of its gross earnings.
While the country’s embracement of digital currency is admirable, the apex bank chief still wants an improved regulation of that industry now before it expands to the point of forcing the crypto regulations. Neto said, “data is the new currency of finance. Unless we regulate data, we can’t regulate the finance system.”
Bloomberg-Galaxy DeFi Index Is Launched
In the meantime, two giants in the finance and media industries have formed and launched a decentralized finance (DeFi) Index project called Bloomberg-Galaxy DeFi index. Bloomberg (the media company) revealed that it is starting a crypto investment service to accede to its customers’ requests.
The media behemoth further announced that Galaxy fund management would manage this investment offering. The fastest-growing niche in the crypto industry this year is the DeFi space. Some DeFi projects have experienced higher gains than others so far this year.
This new DeFi index is created to monitor the biggest DeFi projects based on market cap. A top-level executive from Bloomberg opined that “DeFi will remain an important alternative for large-scale investors with increasing popularity in liquidity custody solutions.”
A Galaxy digital spokesperson also said, “Galaxy aims to be at the forefront of crypto exposure for interested investors. Thus, this new collaboration between Bloomberg and us gives investors exposure to the rapidly growing DeFi sector with minimal risks.”
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