The Brazilian president, Jair Bolsonaro, has nominated a crypto proponent to head the country’s top bank in a move indicating that the newly elected president is bent on taking Brazil’s financial market to the next level.
The crypto proponent, Economist Roberto Campos Neto, was appointed after the previous Central Bank president left prompting the president to nominate Neto to be the next head of the Central Bank.
Before the crypto proponent assumes power as the head of the Brazilian top bank, he will have to be approved by the country’s Senate. Since the crypto proponent is aware of the process, he has already furnished the Brazilian Senate with a letter.
In the letter, the crypto proponent outlines his previous experience in the blockchain and cryptocurrency sectors. Some of these experiences have been in helping financial services providers to achieve technological breakthroughs.
In the letter, the crypto proponent said:
I have studied and dedicated intensely to the design of what will be the financial system of the future. I participated in studies on blockchain and digital assets. One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, where technologies advance exponentially, generating more rapid transformations.
If appointed, Neto will be following in the footsteps of his predecessor, Ilan Goldfajn, who had started propelling the Central Bank towards the future in terms of technology. For example, in June 2018, the Central Bank of Brazil announced that the country’s financial regulators will be sharing information using a platform known as the Information Integration Platform for Regulators (PIER) which makes use of the blockchain technology.
Although Goldfajn has been positive about the power of the distributed ledger technology, he was not comfortable with digital currencies. In mid-2018, Ilan compared Bitcoin to a risky asset.
If approved by the Federal Senate, do you think the crypto proponent will introduce cryptocurrencies to the Central Bank?
Let us know your thoughts in the comments section below.