The governor of Banco Central do Brasil, Brazil’s central bank, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.
During his speech to the parliamentary Finance and Taxation Commission on Sept. 27, Roberto Campos Neto reported the rise of “cryptocurrency imports” by Brazilians. According to the central bank’s data, imports of crypto rose by 44.2% from January to August 2023 when compared with 2022. The total funds were about 35.9 billion Brazilian reals ($7.4 billion).
Campos Neto separately emphasized the popularity of stablecoins, which, according to him, are being used more for payments than investments. He said the bank will respond to these tendencies by tightening regulation and bringing crypto platforms under its supervision. He added that problems related to crypto could include tax evasion or illicit activities:
“We understand that a lot is connected to tax evasion or linked to illicit activities.“
Brazil handed the central bank a primary role in crypto regulation in June 2023. However, the token projects that qualify as securities continue to fall under the purview of the Comissão de Valores Mobiliários — Brazil’s equivalent of the United States Securities and Exchange Commission.
The Brazilian central bank is also working on its own digital currency, Drex. In August, it revealed the brand and logo of the central bank digital currency. In a previous controversy, Brazilian blockchain developer Pedro Magalhães reportedly discovered functions in the Drex code that would allow a central authority to freeze funds or reduce balances.
The license came eight months after the regulator granted the company in-principle approval, and a few weeks after Bybit secured a non-operational license for Dubai.
Sir Keir Starmer has denied any ministers were involved in the collapse of the trial of alleged Chinese spies.
Christopher Cash, 30, a former parliamentary researcher, and teacher Christopher Berry, 33, were accused of spying for China, but weeks before their trial was due to begin, it was dropped.
Berry, of Witney, Oxfordshire, and Cash, of Whitechapel, east London denied the allegations.
Sir Keir, his ministers and national security adviser Jonathan Powell have faced accusations they were involved in the trial being dropped.
The prime minister has maintained that because the last Conservative government had not designated China as a threat to national security, his government could not provide evidence to that effect, which the director of public prosecutions Stephen Parkinson said was required to meet the threshold for prosecution.
Mr Parkinson had blamed ministers for failing to provide the crucial evidence needed to proceed.
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During a trade visit to India, the prime minister was asked whether any minister, or Mr Powell, were involved in the decision not to provide the Crown Prosecution Service (CPS) with evidence that, at the time of the alleged offences, China represented a threat to national security.
He replied: “I can be absolutely clear no ministers were involved in any of the decisions since this government’s been in in relation to the evidence that’s put before the court on this issue.”
Sir Keir reiterated his line that the case could only rely on evidence from the period the pair were accused of spying, from 2021 to 2023, when the Conservatives were in government.
He said: “The evidence in this case was drawn up at the time and reflected the position as it was at the time,” the PM said in India.
“And that has remained the situation from start to finish.
“That is inevitably the case because in the United Kingdom, you can only try people on the basis of the situation as it was at the time.
“You can’t try people on the basis of the situation, as it now is or might be in the future, and therefore, the only evidence that a court would ever admit on this would be evidence of what the situation was at the time.
“It’s not a party political point. It’s a matter of law.”
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Is China an enemy to the UK?
Sir Keir’s assertion has been called into question by former top civil servants and legal experts.
Mark Elliott, professor of public law at the University of Cambridge, told Sky News there is no legal requirement for a country to be declared an enemy for someone to be tried for breaching the Official Secrets Act.
He said the current government was “cherry picking” what the previous government had said about China to claim they did not regard them as a threat to national security.
However, there are several examples of the Tory government saying China was a national security threat during the time Berry and Cash were accused of spying.