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The law comes into force on June 20. As a regulator, the Central Bank will have the power to license crypto firms in Brazil, as well as to monitor the transfer of ownership, mergers and acquisitions of digital asset market participants.
According to officials’ comments, the government deemed the central bank capable of acting as regulator of the crypto-asset industry because the agency has been actively involved in testing blockchain and Web3 technologies.. In addition, the Central Bank is supervising
the process of creating the digital real and has invited all interested parties to participate in the testing of the Brazilian CBDC.
The pilot project to test the Brazilian Central Bank’s digital currency will include
international companies Visa and Microsoft will participate.