Brazilian Central Bank hopes for new progress in the crypto world

According to Campos, not the famous goalkeeper but the president of the Brazilian Central Bank, the national and international agreements that form the legislative structure within which terms the crypto world can move should have broader scopes and encourage the spread and improvement of the protocols underlying cryptocurrencies, NFTs and other instruments put in place.

Brazilian Central Bank: crypto progress coming soon

According to the president, regulations are obviously necessary but these should not harm the natural development of the sector.

“In general, central bankers want to regulate heavily. I understand, but I don’t agree. Perhaps it is a mistake to regulate in this way… We should not leave behind the technological advances that will emerge”.

The president continued by saying how important he thinks it is to integrate legislation around this asset class with the digital world but in a different way than what other central banks such as the US or European central banks are doing with the MiCa.

Of the same opinion as Campos is Joao Pedro Nascimento, the President of the CVM (Brazilian Securities and Values Commission) who said he is in favor of not stopping this wave of resources towards digital currencies.

In this regard, the CVM has carried out a preparatory study to facilitate and integrate the legislative and digital work on the regulation of CBDCs and cryptocurrencies at large since it is the opinion of the commission that in time the sector can self-regulate itself at least as far as the system in general is concerned.

In September of this year, the government’s vice chamber is scheduled to discuss the issue for a legislative implantation, but it is feared it will be postponed due to the concurrence of government elections.

At the same time, the general ballot for the election of the president, vice president and members of congress will take place in Brazil and this in all likelihood will be the reason for a delay on the framework law.

For now, the necessary regulation does not seem to see the light of day but unlike other countries, the process seems to be going to be quicker as all the institutions in the country seem to be in agreement on the highlights of the framework.

If September is the month of the renewal of state offices by the end of 2022, a first agreement could be reached and we could see the light of ad hoc legislation in the South American country as well, which differentiates it in the implantation from those of other countries in the world in that it is more open in intent.