{"id":164387,"date":"2023-09-28T14:07:29","date_gmt":"2023-09-28T08:37:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=164387"},"modified":"2023-09-28T14:07:29","modified_gmt":"2023-09-28T08:37:29","slug":"brazils-crypto-surge-prompts-central-bank-to-tighten-regulation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/brazils-crypto-surge-prompts-central-bank-to-tighten-regulation-crypto-news\/","title":{"rendered":"Brazil\u2019s crypto surge prompts central bank to tighten regulation – Crypto News"},"content":{"rendered":"
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The governor of the Central Bank of Brazil, addressing the Finance and Taxation Commission of the country’s parliament, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.\u00a0<\/p>\n

During his speech<\/a>\u00a0on Sept. 27, Banco Central do Brasil Governor Roberto Campos Neto reported the rise of \u201ccryptocurrency imports\u201d by Brazilians. According to the Central Bank\u2019s data, from January to August 2023, imports of crypto rose by 44.2% compared to the same period last year. The total amount of funds was about $7.4 billion (35.9 billion Brazilian reals).<\/p>\n

Related: <\/u><\/em><\/strong>Brazilian lawmakers seek to add crypto to debtors\u2019 protected assets list<\/em><\/strong><\/a><\/p>\n

Neto separately emphasized the popularity of stablecoins, which, according to him, are being used more for payment than investments. He said the bank is going to respond to these tendencies by tightening regulation and bringing crypto platforms under its supervision. He added that problems related to crypto could include tax evasion or illicit activities:<\/p>\n

“We understand that a lot is connected to tax evasion or linked to illicit activities.”\u00a0<\/p><\/blockquote>\n

Brazil handed the primary role in crypto regulation<\/a> to the Central Bank in June 2023. However, the token projects that qualify as securities continue to fall under the purview of the Comiss\u00e3o de Valores Mobili\u00e1rios, or CVM \u2014 Brazil\u2019s equivalent of the United States Securities and Exchange Commission (SEC).<\/p>\n

The Central Bank of Brazil is also working on its own digital currency, Drex. In August, it revealed the brand and logo<\/a> of its central bank digital currency (CBDC). In a previous controversy, Brazilian blockchain developer Pedro Magalh\u00e3es reportedly discovered functions in the Drex code that would allow a central authority to freeze funds or reduce balances<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The governor of the Central Bank of Brazil, addressing the Finance and Taxation Commission of the country’s parliament, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.\u00a0 During his speech\u00a0on Sept. 27, Banco Central do Brasil Governor Roberto Campos Neto […]<\/p>\n","protected":false},"author":2,"featured_media":164388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-164387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=164387"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164387\/revisions"}],"predecessor-version":[{"id":164390,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/164387\/revisions\/164390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/164388"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=164387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=164387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=164387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}