In the last few days, the CEOs of Binance and Coinbase were meeting with Brazil’s Central Bank president, Roberto Campos Neto, which indicates that negotiations between crypto businesses and the government are continuing even while the country waits for lawmakers to ratify new crypto regulatory legislation.
Both Binance and Coinbase have both expressed interest in purchasing Brazilian businesses and have been expanding in the country. According to Bloomberg earlier this month, Coinbase had been in negotiations with Mercado Bitcoin parent 2TM about a prospective expansion partnership, but the talks fell through. Binance announced in mid-March that it will “investigate” the purchase of Brazilian stock firm Sim; paul Investimentos.The current state of such discussions is uncertain.
According to sources, a video conference between Campos Neto and three Binance officials was also organised for May 20 afternoon. The event will be attended by Binance CEO Changpeng Zhao, as well as Daniel Mangabeira, vice president of government relations for Latin America, and Matt Schroder, vice president of global expansion. The press was barred from attending the conference. Binance also did not reveal anything about the nature of the meetings.
According to the sources, Coinbase CEO Brian Armstrong and two other firm officials had a video chat with Campos Neto today, also out of the public eye. According to the agenda, the participants were supposed to offer their “macroeconomic scenario”.
Following years of discussion, a proposed crypto regulatory measure has finally garnered traction with Brazilian legislators. Before going to President Jair Bolsonaro for a vote, the measure must pass muster in Brazil’s lower house, although it has a good chance of becoming law. The measure empowers Brazil’s executive branch to choose which government institution would supervise crypto firms.
Brazilians now have more trading options than ever before as new crypto exchanges can enter into the market as even banks start to embrace digital assets.
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