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Brazil's central bank seeks tighter cryptocurrency regulation, brokerage oversight

Brazil's central bank governor Roberto Campos Neto on Wednesday said policymakers are aiming to tighten cryptocurrency regulation and subject brokerages to their supervision. Speaking during a hearing in Congress, Campos Neto emphasized regulators will scrutinize the backing of cryptocurrencies and associated activities, given the significant surge in cryptocurrency imports by Brazilians. There is a perception that local demand has shifted toward stablecoins, which are cryptocurrencies typically linked to real-world assets like the U.S. dollar, with people using cryptocurrencies more as a means of payment rather than just for investment, said Campos Neto.

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