On Wednesday, September 27, Roberto Campos Neto, Brazil’s central bank governor, announced his intention to tighten crypto regulation. During his speech on Finance and Taxation at a Congress hearing, Campos Neto said virtual assets brokerages should be subject to strict supervision.
Given Brazil’s significant increase in crypto adoption, the governor emphasized the need to heighten scrutiny on crypto and related activities.
Crypto Adoption Increased By 44%
Brazil has witnessed increased adoption amid a high inflation rate. This could be because most people have resorted to digital assets to hedge against inflation and evade tax. Moreover, many believe demand has shifted from fiat currency to stablecoins–cryptocurrencies pegged to USD and other real-world assets.
Further, Brazil’s central bank reported earlier this week that crypto imports increased by 44.2% from January to August, reaching $7.4 billion. This figure was significantly higher than the value recorded over the
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