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 <p class="is-style-lead">The governor of Banco Central do Brasil, the country’s central bank, announced plans to tighten crypto regulations due to rising adoption.</p> 
 <p>During a speech to the parliamentary Finance and Taxation Commission on Sep. 27, Roberto Campos Neto drew attention to the increasing number of Brazilians importing crypto.&nbsp;</p> 
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 <p>According to data from the central bank, there has been a 44.2% surge in crypto imports from January to August 2023 compared to last year, which adds up to roughly 35.9 billion Brazilian reals or $7.4 billion.</p> 
 <p>Campos Neto emphasized the growing use of stablecoins for transactions instead of investments. He announced that the central bank would improve regulatory oversight and subject crypto platforms to its authority.</p> 
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 <p>“We understand that a lot is connected to tax evasion or linked to illicit activities,” he said, outlining the potential risks associated with the burgeoning <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market.</p> 
 <p>In June 2023, the government designated the central bank as the primary crypto regulator, while the Comissão de Valores Mobiliários will continue to regulate token projects.</p> 
 <p>The <a rel="dofollow" title="central" href="https://thebittimes.com/tag/central.html">central</a> bank is currently working on creating its digital currency,&nbsp;Drex. The brand and logo for this currency were revealed in August.&nbsp;</p> 
 <p>However, there has been concern over the project since Pedro Magalhães, a Brazilian blockchain developer, discovered certain Drex code capabilities that could allow a <a rel="dofollow" title="central" href="https://thebittimes.com/tag/central.html">central</a> authority to freeze funds or decrease balances.</p> 
 <p>The Brazilian state of Santa Catarina recently implemented new regulations prohibiting public officials from participating in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency mining.&nbsp;</p> 
 <p>The revised&nbsp;guidelines&nbsp;state that individuals in the armed forces, police, or other government employees should avoid engaging in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency mining at work.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Brazilian lawmakers propose to protect crypto from seizure 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/brazil-s-central-bank-to-implement-tight-crypto-laws-tbt64347.html">https://thebittimes.com/brazil-s-central-bank-to-implement-tight-crypto-laws-tbt64347.html</a></p>

Brazil’s central bank to implement tight crypto laws

TheBitTimes

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