Brazilian bank Bradesco admits its unwillingness to work with cryptocurrencies

Article Reading Time:
1 min.

Brazil's second-largest bank by assets has announced that it does not intend to operate in the cryptocurrency market anytime soon.

CEO of one of the largestLatin American banks Bradesco Octavio de Lazari Junior said that he personally and his bank specifically are not attracted to the digital asset market. The cryptocurrency market is still not large enough and is quite dangerous for investors interested in it:

“Cryptocurrencies are investments that are intangible and riskier, and people are aware of the risk they are taking. It's a very small market for me."

However, the banker did not deny thatthe situation may change in the future and Bradesco will become interested in the cryptocurrency market. The CEO also recalled that the bank has an investment division, Agora, which is already engaged in cryptocurrency trading and provides some services in this industry.

For the bank, according to de Lazari, the digitalcurrencies are one of several pillars of the crypto industry. Despite the fact that investments in this part of the crypto market will not be very large, the businessman argues, other pillars may turn out to be more attractive for investment. One of these is tokenized assets. The bank is currently engaged in debt tokenization projects. The third pillar, according to the businessman, is central bank digital currencies (CBDC).

In April of this year, the head of the central bank of Brazil, Roberto Campos Neto, said
about the trial launch of the digital real project, the implementation of smart contracts and DeFi on the regulator’s own platform.