Brazilian Central Bank Governor Roberto Campos Neto has defended the use of more moderate regulation in the crypto environment. Campos Neto said that regulation is certainly necessary, but it must be done in a way that does not stop innovation. He also explained that his goal is to connect the digital and regulated worlds.
Brazil’s central bank governor criticized the country’s strict approach to crypto regulation
Central banks in several countries around the world are beginning to establish their stances on cryptocurrencies and central bank digital currencies (CBDCs). At the discussion event “Regulating Cryptocurrencies in Brazil and the World,” Roberto Campos Neto, Governor of the Central Bank of Brazil, presented his thoughts on cryptocurrency regulation.
According to Campos Neto, the regulation of these instruments should be done in a way that allows for innovation and growth of investment in cryptocurrencies. Hestated:
In general, central banks like to regulate with a heavy hand. I understand, but disagree. Perhaps it is a mistake to regulate that way … we should not leave behind the technological advances that will take place.
Moreover, Campos Neto elaborated that one of his goals is to integrate the digital and regulatory world in a different way than what other central banks are doing.
Similar views
João Pedro Nascimento, president of the Brazilian Securities Value Commission (CVM), expressed similar thoughts, saying that regulation should not impede the growth of crypto markets. He declared.
Prohibiting revolution is not what we do.
Nascimento had previously declared that there is a natural demand for cryptocurrency regulation as a result of the evolution of technology; CVM has proposed an advisory opinion on crypto and its processing, which is currently under review for use before crypto-centric legislation is sanctioned.
The legislative process for approving cryptocurrency legislation is well underway in the country. The cryptocurrency-centric bill, which will help clarify crypto markets and virtual asset service providers, is currently awaiting consideration at the September Vice-Presidential Conference. However, this discussion may be postponed again due to the upcoming popular vote to elect the President, Vice President, and Members of Parliament.
Image Credit: Shutterstock, Pixabay, Wiki Commons