New Brazilian President Appoints Blockchain And Crypto Friendly Head Of The Central Bank
Crypto Enthusiast Proposed As Brazil’s New Head Of The Central Bank
Brazil’s president Jair Bolsonaro has appointed a new crypto enthusiast as Head of the Central Bank. According to a new report released by Reuters, the Economist is Roberto Campos Neto, who is a strong proponent of blockchain technology.
This will be very positive for blockchain and its promotion in the largest and most powerful country in the region. As per the article released by Reuters, Campos Neto has already sent a letter to the Brazilian Senate outlining the different technological innovations implemented in different banks and financial companies.
Although Campos Neto has been nominated by Brazil’s president Jair Bolsonaro, he must receive the ratification of the Senate to assume as Head of the Central Bank. At the moment, the final decision is expected to be taken as soon as in March.
Campos Neto explains that he wants to prepare the Central Bank to start working with blockchain technology. On the matter, he wrote in his letter to the Senate:
“I have studied and dedicated intensely to the design of what will be the financial system of the future. I participated in studies on blockchain and digital assets. One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, where technologies advance exponentially, generating more rapid transformations.”
Although Bolsonaro and its government have not set an official position regarding virtual currencies and blockchain technology, they are hinting that they might implement more innovative solutions. At the same time, he has a very liberal view regarding how to deal with the economy and the market.
Ilan Goldfajn, the president of the Brazilian Central Bank, has already been trying to implement blockchain technology as a possible solution to improve the bank’s procedures. Goldfajn started a blockchain project that would allow a fast and secure exchange of data between regulatory agencies.
Although he Goldfajn described Bitcoin (BTC) as a risky asset, he praised blockchain technology for being innovative. In the future, Goldfajn could be working in similar projects related to blockchain technology and banking systems.
Brazil is the largest economy in the continent and there are different companies related to virtual currencies and blockchain technology. With a more open central banker and economists in the government, it might be possible to see a larger expansion of virtual currencies in Brazil.