HomeCryptocurrenciesBrazil Central Bank President Disagrees with "Iron Fist" Regulations for Cryptocurrencies

Brazil Central Bank President Disagrees with “Iron Fist” Regulations for Cryptocurrencies

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Brazil Central Bank President Disagrees with "Iron Fist" Regulations for Cryptocurrencies
Brazil Central Bank President Disagrees with “Iron Fist” Regulations for Cryptocurrencies

The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the use of more moderate regulations in the crypto environment. Campos Neto stated that while regulation is necessary, it must be done in a way that doesn’t stop innovation. He also explained that his goal is to connect with the regulated world.

Brazil Central Bank President Criticizes Harsh Approach to Crypto Regulation

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According to Campos Neto, the regulation of these instruments must be done in a way. It allows innovation and growth of cryptocurrency investments. He stated:

“In general, central bankers want to regulate with a heavy hand. I get it, but I don’t agree. Maybe it’s a regular mistake like that… We must not leave behind the technological advances that will come with this.”

Campos Neto explained that one of his objectives is to integrate the digital and regulatory world, in a different way than what other central banks are doing.

Similar opinions

The president of the Brazilian Securities and Exchange Commission (CVM), João Pedro Nascimento, also stated that he had similar ideas saying that regulation should not stifle the growth of the crypto market. Declared:

“Banning a revolution is not something we are going to do.”

Nascimento had before stated that there is a natural demand for cryptocurrency regulation as a consequence of the evolution of technology. The CVM has proposed an advisory opinion on crypto and its treatment, which is under review, to be used before a crypto-centric law is enacted.

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