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Brazil’s Central Bank Chief Backs Cryptocurrencies

In a recently concluded event, Brazil’s Central bank chief, Roberto Campos Neto endorsed cryptocurrencies and said that there is a need for greater regulation concerning digital assets in the country. 

Campos was addressing an online event organized by the Council of the Americas, Brazil’s central bank. He has been an ardent supporter of bitcoins and cryptocurrencies. Campos Neto also supported the idea of launching a central bank digital currency (CBDC) project 

The Central Bank chief also confirmed that there are plans underway to create a more prominent framework of regulations pertaining to the use of cryptocurrencies and digital assets. He said that rounds of discussions with the Brazilian SEC are ongoing.

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

Cryptocurrencies are gaining immense popularity in the region. Latin America has witnessed increased adoption of cryptocurrencies in recent months. Campos Neto, since taking charge as the head of the country’s central bank has been pitching to bring in progressive policies and crypto is at the forefront.

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