Brazil’s central bank president, Roberto Campos Neto, spoke at an online event organized by the Council of the Americas about transparent payment networks, the country’s central bank digital currency (CBDC) project, and crypto regulation.
Since taking office in 2019, Campos Neto has been a vocal supporter of the cryptocurrency industry. His progressive policymaking has been a source of encouragement for investors and organizations working to modernize Brazil’s financial infrastructure.
During the Campos Neto presentation, he mentioned several ongoing discussions with Brazil’s SEC about how to integrate cryptocurrencies into the regulatory landscape.
“The financial market is changing so rapidly that everything is becoming data. We need to reshape the regulatory world.”
Last month, Fernando Carvalho, CEO of QR Capital, told us:
“Brazilian regulators are recognizing the maturation of the crypto market and comprehending the importance of providing regulated products to investors eager to explore these new asset classes.”
Brazil has made notable headlines in recent years as a result of the development of a government-backed digital payments initiative called Pix, which has attracted over 96 million users, representing 45 percent of the country. Pix has partnered with cryptocurrency exchange OKEx to offer Tether (USDT) purchases in exchange for Brazilian real.
In addition, Hashdex Asset Management launched a new exchange-traded fund (ETF) titled BITH11 in Brazil last week. According to the company, this is the country’s first eco-centric Bitcoin ETF, with a goal of investing 0.15 percent of its liquid assets in carbon credits and eco-tech each year.
Despite Brazil’s commendable progress in the cryptocurrency space, Campos Neto is keen to recognize the importance of advancing regulation to meet the demands of innovation, asking:
“How can we reshape the term’regulation’?” Finance will become data-driven. It will be impossible to regulate financial transactions unless data regulation is understood.”