The Brazilian central bank president, Roberto Campos Neto seems to have jumped on to the crypto bandwagon. However, he hopes to focus mostly on the regulatory side of it.
The demand for crypto witnessed parabolic growth over the year. Just as the world started exploring the digital space, cryptocurrencies have started to boom. From the average Joe to celebrities and even government officials were seen embracing digital assets. The value of the entire industry not only rose to a high of $2 trillion, the price of Bitcoin [BTC] hit a whopping $64K which further lured in several new investors into the market. As the demand for these assets grew, authorities began taking immense interest in the market. The fact that it wasn’t entirely regulated was alarming to many.
Expressing concerns about the same, the president of the Brazilian central bank, Roberto Campos Neto went on to speak at an online conference formulated by the Council of the Americas.
Brazilian central bank Prez talks crypto
Campos Neto primarily spoke about his views on crypto and regulating the entire space. The Brazilian central bank head has been expressing his interest in crypto for quite some time now. Noting the swiftly changing financial market, Campos Neto stated,
“The financial market is changing so much that it’s all becoming data. We need to reshape the world of regulation.”
Regulations are an essential part of every industry. Authorities have began realizing the importance of regulating the crypto-verse particulalry after the impeccable growth of the industry. While the market hoards thousands of crypto assets and platforms, governments are trying to filter out the scammy ones.
Further elaborating on the importance of regulations, Campos Neto said,
“How can we reshape the word ‘regulation?’ Finance will become about data. It will be impossible to regulate financial transactions without understanding the regulation of data.”