According to Reuters, Economist Roberto Campos Neto has been proposed by President Jair Bolsonaro as Head of the Brazilian Central Bank, Banco Central Do Brasil, Mr. Campos has been a strong proponent of blockchain technologies.
Campos Neto already has Bolsonaro’s nomination, but he must have the Senate’s ratification in order to assume as Head of the Central Bank. This decision could happen in late March if everything goes according to plan. He wrote in a letter, part of the process to gain said ratification, that he intends to prepare the council for the advancement of technologies.
“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,” he said. “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”.
Continuing Efforts By Present Administration
To date, the government of Bolsonaro has not set an official position on the market of cryptocurrencies, however, Campos Neto’s administration will likely continue the efforts started by the current president of the Central Bank, Ilan Goldfajn who had already paved the way to implement instant payments with real-time bank transfers.
Ilan Goldfajn once described Bitcoin as a risky asset with a very innovative underlying technology, however, in June 2018, he started a project that would use blockchain technology to allow a fast and secure exchange of data between regulatory agencies. Named The Information Integration Platform for Regulators (Pier), it was was developed by the bank’s IT Department.
Campos Neto defended the achievements related to inflation control. “I underscore the importance of the recent consolidation of inflation around the target and the anchoring of inflation expectations, which allowed the sustainable reduction of interest rates and contributed to the recovery of the economy,” he said in his letter.
The economist also said that he participated in the current formulation of economic policy and pointed out “perfect intellectual and moral affinity with the economic team,” headed by Economy Minister Paulo Guedes.
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