Brazilian President Lula da Silva has appointed the Central Bank of Brazil (BCB) by decree as the main regulator of cryptocurrencies in the country. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Brazil's Central Bank to regulate cryptocurrencies
📍‌As the main regulator of cryptocurrencies in Brazil, the central bank will be responsible for overseeing operations and monitoring compliance in the crypto industry. The country's president, Lula da Silva, has signed the Cryptoassets Law (Law No. 14.478), which will come into force on June 20, and has decreed its central bank as the main regulator of the crypto industry in Brazilian territory.
Brazil is one of the countries with the greatest cryptocurrency boom. In fact, a day before the Brazilian president's decree, the nation's Federal Revenue Secretariat had published a report on cryptocurrency transactions, revealing impressive figures.
According to the data in the report, Almost 2.000 billion people used cryptocurrencies in Brazil during the month of April. The volume of cryptocurrency trading that same month reached 19.600 billion Brazilian reals, approximately $4.060 billion dollars.
Will Solana fork?
📍‌The crypto community is discussing Solana’s hard fork as a way to escape the SEC’s purview. The debate over the need to fork the Solana blockchain began after the United States Securities and Exchange Commission filed a lawsuit against Binance, in which it classified the SOL cryptocurrency as a security.
For some, a fork will allow the blockchain to escape the oversight and regulation being imposed by the SEC.
However, while part of the network's crypto community seems to support the idea, there is actually no roadmap or plan for implementing a fork on Solana. Even security researcher MatĂas Kudelski, who audits the blockchain's code, reported that neither the Solana Foundation nor its developers are currently considering a fork.
Interest rate hikes pause
📍‌The US Federal Reserve has paused interest rate hikes for the first time in a year. The Fed's announcement was made on Wednesday at a press conference given by its chairman, Jerome Powell.
During the press conference, Powell explained that the consecutive interest rate hikes over the past 10 months have brought the Fed closer to its 2% inflation target, so the agency can “go slower” in its monetary policy. However, Powell indicated that this is a temporary pause and that it will probably be necessary to resume interest rate hikes before the end of the year to continue controlling inflation.
During this break, the agency will have time to debate and analyze the impact its policies have had on the economic system.
According to analysts, markets were expecting the Fed to pause interest rate hikes, so no major moves were seen following its announcement. At the time of writing, Bitcoin is trading at a price of $ 25.100 dollars, showing a 3% correction in the last few hours.
Continue reading: Uniswap introduces the 4th version of its decentralized protocol
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
