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Brazil’s Central Bank Tightens Rules as Crypto Adoption Rises

The central bank of Brazil has vowed to tighten rules and strengthen its oversight of crypto platforms, as crypto adoption in the country surges higher. Speaking in front of a parliamentary commission on finance and taxation on Wednesday, Roberto Campos Neto, the governor of Brazil’s central bank, said “cryptocurrency imports” by Brazilian residents have risen 44.2% in the period between January and August 2023 compared to the same period last year. In total, around 36 billion Brazilian real ($7.4 billion) worth of crypto has been brought into the country during the period, the central bank governor said. In his speech, Neto noted that stablecoins have become particularly popular in Brazil.

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