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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