The president of Brazil’s central bank held a meeting with the CEO of two top crypto firms about the state of the country’s digital asset industry.
Brazil’s interest in the crypto space does not look like abating anytime soon as the President of the central bank of the country, Roberto Campos Neto, recently held a video conference call with two key figures in the crypto space regarding the rollout of a potential Central Bank Digital Currency (CBDC) in the country.
A CBDC is a digital asset issued by the central bank of a country to represent the virtual form of their fiat currency. Unlike BTC and other crypto assets that are decentralized and mostly unregulated, CBDCs are centralized and would be highly regulated.
Brazil’s booming crypto space
Neto spoke with Jeremy Allaire, the CEO of crypto firm Circle, and Brian Brooks, who recently resigned from his position as the US CEO of the largest crypto exchange in the world by trading volume, Binance.
While details of the meeting remained sketchy, Brazil’s history with the crypto industry has given room for more optimism that the country could be planning another latest crypto adventure.
The South American country has steadily been exploring blockchain and crypto solutions for its financial system and within the region, the country has made more inroads into the industry than its peers.
Brazil’s securities and exchange commission have approved a healthy dose of crypto-related exchange-traded funds when countries like the United States are yet to approve one. At the last count, the country has licensed the operation of two Bitcoin ETFs, one Ethereum ETF, and an ETF that tracks quite a number of crypto assets.
Apart from this, the country has also been experimenting with blockchain technologies for the best part of a year now under a regulatory sandbox. And recently, the central bank’s president revealed that the logical step for the country’s evolving financial system is to issue a central bank digital currency (CBDC).
Thus, the meeting between the president and Allaire and Brooks could be hinged on the CBDC project or they could be discussing the growth and the development of the crypto space within the country.