BC President Roberto Campos Neto says that authenticity attracts investors.
The use of cryptocurrencies is weighing on the Brazilian trade balance. And as its use is especially as a store of value, “first we will regulate it as an investment and then as a means of payment”, said the president of the Central Bank, Roberto Campos Neto, on Thursday (30).
The comment arose from information that with the importation of US$ 4.2 billion of cryptocurrencies until August, there was also pressure from this item on the trade balance. Brazil includes crypto and mining in the accounts, according to international recommendations.
The forecast for the balance of the Brazilian trade balance went from a positive US$ 3 billion to a negative US$ 21 billion by the end of the year. The pressure of cryptocurrencies is mentioned quickly in the inflation report that the BC released yesterday.
Growth as a means of payment for cryptocurrencies, said Campos Neto, is lower. “The question is why they want it as an investment and not as a means of payment.”
This is due to two factors, he replied himself. One of them is authenticity by the way they are designed. The other point is the finite supply, unlike fiat currencies, especially during the pandemic, when governments generated liquidity in the market.
He declined to comment on the fact that China has established barriers to mining and cryptocurrency negotiations.