President of the Brazilian Central Bank, Roberto Campos Neto, has called for the use of more moderate regulations in the crypto environment. Campos Neto stated that while regulation is indeed necessary, it must be done in a way that does not stop innovation. He also explained that his goal is to connect the digital world with the organized world.
President of the Brazilian Central Bank criticizes the harsh approach to regulating cryptocurrency
Central banks in many countries around the world are starting to position themselves when it comes to cryptocurrencies and Central Bank Digital Currencies (CBDC). In “Regulating Cryptocurrencies in Brazil and the World,” the President of the Central Bank of Brazil, Roberto Campos Neto, presented his thoughts on regulating cryptocurrencies.
According to Campos Neto, these tools must be organized in a way that allows innovation and growth of investments in cryptocurrencies.
In general, central bankers want regulation aggressively. I understand, but I do not agree. It would be wrong to organize like this. We must not leave behind the technological developments that will accompany this.
Furthermore, Campos Neto explained that one of his goals is to integrate the digital and regulatory world in a different way than other central banks do.
The president of the Brazilian Commission for Securities and Values (CVM), Joao Pedro Nascimento, also stated that he had similar thoughts, saying that regulation should not stifle the growth of the cryptocurrency market.
Banning the revolution is not something we will do.
Nascimento previously announced that there is a natural demand for cryptocurrency regulation as a result of the development of technology. CVM has proposed an advisory opinion on cryptocurrency and its treatment, which is under review, for use before sanctioning a law focused on cryptocurrencies.
The legislative process for approving the cryptocurrency bill is very advanced in the country. A bill focused on cryptocurrencies, which would help clarify crypto markets and virtual asset service providers, is currently awaiting discussion by the chamber’s deputy in September.
However, given the approach of universal suffrage to elect the president, vice president, and members of Congress, this debate may be postponed again.