The head of the Central bank in Brazil wants to bring digital assets to the country
|- The positive comments of Brazilian central banker contradict the critical attitude of the president.
- Brazil is the largest cryptocurrency market in Latin America.
Roberto Campo, the chairman of the Brazillian central bank, confessed that he had been engaged in blockchain and cryptocurrency studies. He believes the technologies may become a foundation for the financial system of the future.
"I have been working intensely on the design of what might become the financial system of the future. I participated in studies on blockchain and digital assets, and I hope I will be able to prepare the Central Bank for the future market, where technologies advance exponentially, generating more rapid transformations," he wrote in a letter to the country's Senate (the quote is translated from Portuguese).
He also added that he wants to update the technological foundation fo the financial system, which might include digital assets and blockchain technologies.
Interestingly, Jair Bolsonaro, the president of Brazil, recently expressed a critical attitude towards the digital form of money and even ordered to close a crypto project developed in the country.
Meanwhile, Brazil is one of the biggest cryptocurrency markets in Latin America, with over 100,000 BTC traded daily. People seek shelter in digital assets as the national currency is eroded by inflation.
Earlier this month, Ripple, the company behind XRP coins, as opened an office in Brazil.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.