The recently elected president of Brazil, Jair Bolsonaro, has officially appointed Roberto Campos Neto, an experienced economist as the head of the central bank who is actually a strong blockchain and crypto supporter. Let’s find out more about his decision in the latest blockchain news.
According to Reuters news article, Campos Neto aims to improve and advance the technologies by issuing a letter to the country’s Senate where all of his involvement in technological innovation and work in several different financial institutions were outlined. He said in the letter:
“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“.
Campos Neto will need the endorsement of the Senate if he wants to become able to take over the position that was delegated to him as a head of the central bank. The entire long process should be completed by the end of March this year. If he gets to be appointed, it is extremely likely that he will implement various blockchain-based solutions in the banking and financial sector.
The current government of Brazil still hasn’t taken any stance on blockchain and cryptocurrencies. However, appointing Campos Neto as head of the central bank shows that the country is prepared to enter the world of crypto since he is experienced with distributed ledger technologies and cryptocurrency in general.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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