Brazil’s central bank president approves crypto regulations

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Speaking at an online event hosted by the Council of the Americas, Roberto Campos Neto, President of the Central Bank of Brazil, shared his take on transparent payment networks, the bank’s digital currency project country’s central and crypto regulation.

Campos Neto has been a strong advocate of the cryptocurrency space since taking office in 2019. His gradual policy making has been an encouragement for investors and organizations, ambitious to modernize Brazil’s financial infrastructure.

During the event, Campos Neto mentioned several ongoing discussions with Brazil’s Securities and Exchange Commission on how to welcome cryptocurrencies into the regulatory landscape:

The financial market changes so much that everything becomes data. We need to reshape the world of regulation.

Fernando Carvalho, CEO of QR Capital, told Cointelegraph Brasil last month:

Brazilian regulators recognize the maturation of the crypto market and understand the importance of offering regulated products to investors eager to explore these new asset classes.

Related: Brazilian Securities Regulator Approves Ether ETF

Brazil has been in the headlines in recent years following developments in a government-backed digital payments initiative called Pix, which has amassed over 96 million users, representing 45% of the nation. . Pix has partnered with the crypto exchange OKEx to facilitate purchases of Tether (USDT) in exchange for the Brazilian real.

Additionally, a new exchange-traded fund (ETF) called BITH11 was launched in Brazil last week by investment firm Hashdex Asset Management. The company reports that it is the country’s first eco-centric Bitcoin (BTC) ETF, with targets to contribute 0.15% of its liquid assets in carbon and eco-tech credits each year.

Amid Brazil’s laudable strides in the cryptocurrency space, Campos Neto is keen to recognize the importance of advancing regulation to meet the demands of innovation, asking:

How to reshape the word regulation? Finance will become a question of data. It will be impossible to regulate financial transactions without understanding data regulation.

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