The president of the Central Bank of Brazil shared his views on transparent payments networks with regards to the country’s central bank digital currency project and crypto regulation.
The president has been a firm advocate of the cryptocurrency space since taking office in 2019 and his progressive policy-making has been an encouragement to investors and organizations alike while seeking to modernize the Brazilian financial infrastructure.
Campos Neto the president of the central bank mentioned several ongoing discussions with Brazil’s Securities and Exchange Commission on how to welcome crypto currencies into the regulatory landscape stating:
“The financial market is changing so much that it’s all becoming data. We need to reshape the world of regulation.”
Brazil has made headlines over the past few years following developments of a government-backed digital payments initiative called Pix, which has gathered over 96 million users with a 45% representation of the nation. Pix has partnered with crypto exchange OKEx to facilitate Tether (USDT) purchases in exchange for Brazilian real.
Additionally, a new exchange-traded fund (ETF) titled BITH11 was launched in Brazil last week from investment firm Hashdex Asset Management.
