The Central Bank of Brazil is preparing to open the cryptocurrency market to traditional finance institutions, which will be able to operate in this industry with clarity after the enactment of the upcoming regulation. Small crypto startups might face challenges in regularizing their situation due to the high bar this framework will impose. Central Bank…
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine how the Central Bank of Brazil has proposed a tax on the use of stablecoins for making remittances and how this might drive retail users away from regulated exchanges. Latam…
The Central Bank of Brazil propped up tokenization and “open finance” as key elements of the future’s financial system. In a panel presentation before the IMF and the World Bank, the bank’s president stated that the intersection between these had been underestimated. Central Bank of Brazil Considers Tokenization Potential ‘Underestimated’ In a recent panel presentation…
The Central Bank of Brazil disclosed a new set of use cases that will be part of the second phase of the ongoing pilot of its drex CBDC. Among the 13 instances selected from the 46 presented are platforms for tokenizing real estate, liquidity pools for trading public securities, and even automating automobile transactions. Central…
The Central Bank of Brazil has hinted at implementing artificial intelligence (AI) and data monetization processes into Drex, its central bank digital currency (CBDC). In a recent presentation, Roberto Campos Neto, the Central Bank of Brazil’s president, stressed that the bank’s innovation agenda had four blocks: Pix, Drex, Currency Internationalization, and Open Finance. However, he…