Brazil’s central bank governor supports crypto regulation

Speak online event Organized by the Inter-American Commission, Brazil’s Central Bank Governor Roberto Campos Neto shared his views on the transparent payment network, the country’s central bank digital currency (CBDC) project and crypto regulation.

Since taking office in 2019, Campos Neto has been a firm supporter of the cryptocurrency field. His progressive policymaking has always encouraged investors and organizations to ambitiously modernize Brazil’s financial infrastructure.

During the Campos Neto conference, he mentioned several discussions with the Brazilian Securities and Exchange Commission on how to welcome cryptocurrencies into the regulatory field.

“The financial market has changed so much that everything becomes data. We need to reshape the regulatory world.”

Fernando Carvalho, CEO of QR Capital Tell Cointelegraph Brazil last month:

“Brazil regulators are recognizing the maturity of the crypto market and understand the importance of providing regulated products to investors looking forward to exploring these new asset classes.”

Related: Brazilian securities regulator approves Ethereum ETF

Following the development of a government-backed digital payment program called Pix, Brazil has made compelling headlines in the past few years. The program has gained more than 96 million users, accounting for 45% of the country.Pixel has Cooperation Cooperate with cryptocurrency exchange OKEx to promote Tether (USDT) purchases in exchange for Brazilian reals.

In addition, a new exchange-traded fund (ETF) called BITH11 roll out Last week in Brazil from the investment company Hashdex Asset Management. The company reports that this is the country’s first ecologically-centric Bitcoin ETF, with the goal of using 0.15% of its current assets for carbon credits and ecological technology each year.

Brazil has made commendable progress in the field of cryptocurrency. Campos Neto is keen to acknowledge the importance of advancing regulation to meet the needs of innovation, and asked:

“How do we reshape the term’regulation’? Finance will become data-related. Without understanding data regulation, it is impossible to regulate financial transactions.”