As cryptocurrency adoption increases, Brazil's central bank tightens regulations.
As cryptocurrency adoption increases, Brazil's central bank tightens regulations.Roberto Campos Neto, governor of Brazil's central bank. Screenshot from a YouTube video, source.As cryptocurrency adoption in the nation soars, the Brazilian central bank has vowed to tighten regulations and strengthen its control over crypto platforms.The governor of Brazil's central bank, Roberto Campos Neto, said on Wednesday that \"cryptocurrency imports\" by Brazilian citizens increased by 44.2% between January and August 2023 compared to the same period the previous year. He was speaking before a parliamentary commission on finance and taxation.The governor of the central bank said that during the time period, cryptocurrency worth about 36 billion Brazilian real ($7.4 billion) was imported into the nation.The oversight of the cryptocurrency industry in Brazil will be strengthened going forward, Neto said, adding that \"we understand that a lot is connected to tax evasion or linked to illicit activities.\".The use of stablecoins is also growing.In his speech, Neto mentioned how stablecoins have gained a lot of traction in Brazil and how they are primarily used to pay for goods and services.In contrast, unbacked cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which are primarily used as investment and savings vehicles, are not backed by any physical asset.Digital reality.Brazil's central bank, known locally as Banco Central do Brasil, has been given a key role in regulating the nation's developing crypto industry.The Brazilian real's digital equivalent, the central bank's own central bank digital currency (CBDC), is being developed in addition to regulating the so-called private crypto market.Before the country's CBDC rollout, the bank unveiled a \"roadmap\" of events in June, including monthly webinars.Throughout the events, which run through November, the bank, fintech specialists, and BCB partners will talk about CBDC rollouts as well as the outcomes of the BCB's own digital real pilot.When a blockchain developer learned that the source code of the virtual currency would allow the government to freeze accounts or even drain them at will, the CBDC pilot in Brazil once more made headlines in July..
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As cryptocurrency adoption increases, Brazil's central bank tightens regulations.
Roberto Campos Neto, governor of Brazil's central bank. Screenshot from a YouTube video, source.
As cryptocurrency adoption in the nation soars, the Brazilian central bank has vowed to tighten regulations and strengthen its control over crypto platforms.
The governor of Brazil's central bank, Roberto Campos Neto, said on Wednesday that \"cryptocurrency imports\" by Brazilian citizens increased by 44.2% between January and August 2023 compared to the same period the previous year. He was speaking before a parliamentary commission on finance and taxation.
The governor of the central bank said that during the time period, cryptocurrency worth about 36 billion Brazilian real ($7.4 billion) was imported into the nation.
The oversight of the cryptocurrency industry in Brazil will be strengthened going forward, Neto said, adding that \"we understand that a lot is connected to tax evasion or linked to illicit activities.\".
The use of stablecoins is also growing.
In his speech, Neto mentioned how stablecoins have gained a lot of traction in Brazil and how they are primarily used to pay for goods and services.
In contrast, unbacked cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which are primarily used as investment and savings vehicles, are not backed by any physical asset.
Digital reality.
Brazil's central bank, known locally as Banco Central do Brasil, has been given a key role in regulating the nation's developing crypto industry.
The Brazilian real's digital equivalent, the central bank's own central bank digital currency (CBDC), is being developed in addition to regulating the so-called private crypto market.
Before the country's CBDC rollout, the bank unveiled a \"roadmap\" of events in June, including monthly webinars.
Throughout the events, which run through November, the bank, fintech specialists, and BCB partners will talk about CBDC rollouts as well as the outcomes of the BCB's own digital real pilot.
When a blockchain developer learned that the source code of the virtual currency would allow the government to freeze accounts or even drain them at will, the CBDC pilot in Brazil once more made headlines in July.
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