Brazil clarifies crypto regulation as China distributes hard wallets to promote digital yuan adoption Brazil China hardwallet
- As Brazil prepares to integrate blockchain technology and digital assets into its financial system, President Luiz Inácio Lula da Silva has signed a new government decree that provides clarity on the roles that the Central Bank of Brazil and the country’s securities regulator will have in regard to cryptocurrencies.
So far in 2023, the CVM has approved three projects involved in the issuance and trading of securities that are digitally represented by tokens, and it will use the lessons learned from those projects to develop its regulatory framework. Nascimento also noted that the CVM understands the importance of maintaining an open dialogue with the crypto market, “especially with those initiatives that aim to tokenize securities, for the purpose of building a regulatory framework increasingly conducive to the characteristics of these assets.”
Many of the applications that facilitate the use of the digital yuan only come in the form of smart wallets that require a smartphone to access.
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