Campos Neto: BC will regulate crypto operations to guarantee backing

Without giving too many details, the president of the Central Bank (BC), Roberto Campos Neto, said that the monetary authority will begin to regulate cryptocurrency operations. According to him, the concern is that the purchase is not being made by cryptocurrencies, but by certificates that “supposedly have a crypto asset behind”.

“The Central Bank will regulate all transactions to ensure that whoever sells something has that for that certificate,” he said during his participation in the Valor’s Crypto Summit Rio 2022 event, promoted by Valor Capital Group this Monday (6).

According to him, one of the points of attention in the regulation will be custody, which should be monitored by the platforms. “Today, we have 83% of all crypto assets with four custodians. This is dangerous,” he criticized.

A project to regulate the crypto-assets market is already in the process of being processed in Congress, in its final phase.

Campos Neto also commented on the regularization of a digital currency in the country. The idea, according to him, is to take advantage of the current regulation of bank deposits.

“The way we are going to do it is that banks will be able to monetize deposits by issuing ‘stablecoins’. These stablecoins will be back in the CBDC (Central Bank Digital Currency) issued by the BC,” he explained.

For him, the ability of banks to issue stablecoins will encourage the development of technologies and, in this way, help in the monetization of other assets later on.

“Also (we will give) banks the ability to have liquidity in exchange for private assets. And when you put those two things together, you securitize credit much faster,” he argued.