Brazil Needs to ‘Pay Attention’ to Crypto and ‘Reshape the World of Regulation’ says Central Bank President

Roberto Campos Neto, the president of Brazil’s central bank, said local regulations need to pay attention to the investors' need for cryptocurrencies. According to him, they are here to stay alongside instant payment solutions. Campos Neto said on Thursday at an event organized by the Council of the Americas,

“This comes out of a need that people have for payments to be very fast, open, secure, and have transparency in every sense.”

The President of the Central Bank of Brazil further said that there are conversations going on with the local securities exchange commission to adapt to a new environment in which crypto assets exist parallel to Pix, an instant payment platform rolled out by the bank last year.

The central bank’s payment tool Pix has more than 96 million users in a population of 213 million, and earlier this month, it hit a record 40 million transactions in a single day.

But at the same time, policymakers are “worried” that cryptocurrencies have shown more growth as an investment tool than a general payment system, he said.

“We need to pay attention to that,” Campos Neto said.

“The financial market is changing so much that it’s all becoming data. We need to reshape the world of regulation.”

The country is also working on a digital version of its fiat currency. Brazil's real has hit a three-month low with the political and fiscal headwinds weighing on the currency. Brazil stocks meanwhile saw a slight uptick, snapping a three-day losing streak after hitting near five-month lows.

Recently, the country’s Federal Police launched a probe into crypto-related money laundering crimes. This Operation Compliance has resulted in the execution of several seizure warrants across Brazil.

Meanwhile, the country’s largest mall franchise, BR Malls, has announced that it will install crypto ATMs across Brazil in partnership with US-based crypto ATM operator Coin Cloud. The first one is already installed, with 15 more coming.

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