The Central Bank of Brazil criticized the tough approach to the regulation of cryptocurrencies

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The president of Brazil's central bank said regulation is an important step, but it should be aimed at ensuring market transparency, not stopping innovation.

Speaking at debates on issuesregulation of cryptocurrencies in Brazil, the President of the country's Central Bank, Roberto Campos Neto, shared with the discussion participants the opinion that the instruments for regulating the cryptocurrency industry should be applied in such a way as to promote innovation and the growth of investment activity in the digital asset industry.

“In general, I understand why central bankswant to strictly regulate the cryptocurrency industry. However, I do not agree with the position where related technological advances are left behind. Most likely, such over-regulation is wrong, and our approach to this issue is somewhat different,” he said.

The head of the Central Bank of Brazil noted that the regulatorpays great attention to the integration of the digital and regulatory sectors of the economy, which should not limit the growth of the country’s cryptocurrency market. Roberto Campos Neto also said that the bank is actively participating in discussions about the future law on cryptocurrency.

At the beginning of August, the head of the federalThe government of the Brazilian Chamber of Deputies, Ricardo Barros, said that voting on the cryptocurrency law could take place in September, after the completion of the individual election campaigns of congressmen.