Brazil central bank chief open for efficient crypto management 

Roberto Campos Neto, president of the Central Bank of Brazil, admitted that with the fast expansion of the crypto market in the country, the government should now implement stricter policies for crypto assets. 

In an online event organized by the Council of America, Neto said he fully supports transparent payment networks, the country’s CBDC, and crypto regulation for Brazil. 

Since taking the role as the head of Brazil’s central bank, Neto was known as a crypto advocate and his powerful position would certainly smoothen the path of cryptos in the country. 

An encouraging figure

Neto’s initiatives on cryptocurrencies and the crypto market as a whole served as an encouragement for both investors and organizations to participate in the development of Brazil’s crypto market. 

“Brazilian regulators are recognizing the maturation of the crypto market and understanding that it is important to offer regulated products to investors looking forward to exploring these new asset classes,” Fernando Carvalho, chief executive officer of QR Capital, said.

Neto is also in talks with Brazil’s Securities and Exchange Commission on how to further make the country one of the crypto-friendly places in the world. 

Brazil’s digital currency push

For the past few years, Brazil has been spearheading digital currency initiatives to better position the country in a digital-centric future. 

The government’s digital payments services, called “Pix”, has quickly garnered 96 million users, which represents almost half of the country’s population. The Pix service has collaborated with crypto exchange OKEx to conduct Tether (USDT) purchases in exchange for Brazilian real. 

But while Brazil is aggressive with its digital currency initiative, Neto said that the government never forgets its responsibilities to establish regulations that protect citizens from the risks of cryptos. 

Tapping the benefits of cryptos and preventing citizens from their risks is a balancing act that the government must efficiently fulfill. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/brazil-central-bank-chief-open-for-efficient-crypto-management/