Roberto Campos Neto is the president of Brazil’s Central Bank. He has supported the adoption of moderate regulation in crypto-related matters. Campos Neto stated that while regulation is indeed necessary, it has to be done in a way that doesn’t stop innovation. Also, he explained that his aim is to bring together the digital world and the regulated one.
Central Bank of Brazil president criticizes harsh approach to crypto regulation
Many central banks around the globe are beginning to take stances on cryptocurrencies and central banking digital currencies (CBDCs) in order to protect their national sovereignty. At “The regulation of cryptocurrencies in Brazil and in the world,” a debate event, the president of the Central Bank of Brazil, Roberto Campos Neto, presented his thoughts about cryptocurrency regulation.
Campos Neto stated that regulation should allow for the growth and innovation of investments in cryptocurrency. He said:
Central bankers are generally inclined to have a strong hand in regulating the financial system. I understand, but I don’t agree. Maybe it’s a mistake to regulate like that … We shouldn’t leave behind the technological advances that will come with this.
Campos Neto stated, in addition, that one his goals is to incorporate the digital and regulatory worlds, in a unique way than what central banks do.
Similar Opinions
The president of the Brazilian Securities and Values Commission (CVM), João Pedro Nascimento, also stated he had similar ideas, saying that regulation should not stifle the growth of the crypto market. He declared:
It is impossible to ban revolutions.
Nascimento has previously said that cryptocurrency regulation is necessary due to technological advances. CVM submitted an advisory opinion on crypto and its treatment. This is currently under review.
It is very advanced in the country’s legislative process to approve cryptocurrency bills. A cryptocurrency-centric bill, that would help to bring clarity to the crypto markets and virtual asset service providers, is currently waiting to be discussed by the deputy chamber in September. The general elections for the presidency, vice president and Congress are close so this might delay the discussion.
Let us know your thoughts about the opinions of the President of the Central Bank of Brazil on crypto regulation. Leave a comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.