Bank of Brazil soon to integrate Crypto in regulatory framework

Bank of Brazil soon to integrate Crypto in regulatory framework

Roberto Campos Neto, president of the Central Bank of Brazil, spoke at an online session hosted by the Council of the Americas about transparent payment networks, the country’s central bank digital currency (CBDC) initiative, and crypto legislation.

Campos Neto addressed numerous current conversations with Brazil’s Securities and Exchange Commission about ways to integrate cryptocurrencies into the regulatory framework during the event, as well as the need to reshape the world of regulation.

Since entering office in 2019, Campos Neto has been a vocal supporter of cryptocurrencies. His innovative policymaking has served as a source of inspiration for investors and groups seeking to improve Brazil’s financial infrastructure.

Brazil has gained news in recent years as a result of the growth of Pix, a government-backed digital payment program that has gathered over 96 million users, or 45 percent of the country’s population. Pix has collaborated with OKEx, a cryptocurrency exchange, to make it easier to buy Tether with Brazilian reals.

In addition, investment firm Hashdex Asset Management launched BITH11, a new exchange-traded fund, in Brazil last week. This is the country’s first eco-centric Bitcoin ETF, according to the business, which plans to invest 0.15 percent of its liquid assets in carbon credits and eco-tech each year.

Recently, João Manoel Pinho de Mello, director of the Central Bank of Brazil (BCB), announced at a panel discussion on the digital real’s potential that a major movement from paper money to digital means of payment will take place in the next few years.

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