Brazil’s Crypto Surge Prompts Central Bank to Tighten Regulation

The governor of Brazil’s central bank, Banco Central do Brasil, has indicated a notable increase in cryptocurrency adoption within the country, prompting plans to tighten regulations on digital assets.

In a recent address to the parliamentary Finance and Taxation Commission on September 27, Roberto Campos Neto highlighted the significant rise in what he termed “cryptocurrency imports” by Brazilians. Data from the central bank revealed that crypto imports surged by 44.2% from January to August 2023 compared to the same period in 2022, amounting to approximately 35.9 billion Brazilian reals (around $7.4 billion).