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Brazil’s crypto surge prompts central bank to tighten regulation

Published 09/28/2023, 04:25 AM
Updated 09/28/2023, 01:00 PM
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The governor of Banco Central do Brasil, Brazil’s central bank, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.

During his speech to the parliamentary Finance and Taxation Commission on Sept. 27, Roberto Campos Neto reported the rise of “cryptocurrency imports” by Brazilians. According to the central bank’s data, imports of crypto rose by 44.2% from January to August 2023 when compared with 2022. The total funds were about 35.9 billion Brazilian reals ($7.4 billion).

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