Roberto Campos Neto, President of the Central Bank of Brazil, explained that it is necessary to amend Brazilian laws that better meet the need of investors to deal with cryptocurrencies, which he believes have arisen to be alongside instant payment platforms.
According to Arab Net, the governor of the Central Bank of Brazil added, at an event organized by the Council of the Americas: This comes as a result of people's need for payments to be very fast, open, secure and transparent in every sense of the word. .
Since taking office in 2019, Campos Neto has strived to make Brazil's financial sector more technologically savvy, especially as it is the largest in South America. Where the state is holding workshops with economic experts and academics to work on a digital version of the Brazilian real.
The bank rolled out its own instant payment platform, Pix, last year, which now has more than 96 million users in a population of 213 million.
Campos Neto said talks are underway with the local Securities Exchange Commission to adapt to a new environment in which cryptocurrencies co-exist alongside platforms like Pix, according to It was mentioned by Bloomberg, and Al-Arabiya.net reviewed it.
In early August, this payment tool recorded a record 40 million transactions in just one day.
At the same time, he said, policymakers are concerned that cryptocurrencies have, so far, shown greater growth as an investment vehicle rather than a public payment system, he said. /p>
We need to pay attention to that, Campos Neto said. The financial market is changing so much that it is all data. We need to reshape the world of regulation.
