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Roberto Campos Neto Wants To Prepare BC for Technological Advancement, the Blockchain, and Digital Currencies

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Economist Roberto Campos Neto, appointed by President Jair Bolsonaro to chair the Central Bank, mentioned in a letter to the Senate that he intends to prepare the council for the advancement of technologies.

The document, in which it presents its professional trajectory, is part of the process in which the presidential nomination to preside over the BC needs the endorsement of the Senate to be approved. The process is expected to be completed by March.

Campos Neto mentioned in the letter that he was responsible for the treasury of Santander for the Americas and said he started a global technology innovation project and was part of the group responsible for the digital bank.

One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, in which technologies advance exponentially, generating more rapid transformations, he said.

The message signals that Campos Neto should follow  and eventually move forward  on the path taken by current chairman of the monetary authority, Ilan Goldfajn.

Under the management of Ilan, the BC gave vent to the emergence of independent financial services platforms, fintechs, including regulating last year the activity of those operating with credit.

By 2019, Ilan had already indicated that the BC would begin implementing the instant payment, with real-time bank transfers, and the open banking operation, which gives customers the power to access and manipulate bank data, which opens up space for greater competition in the credit and payment market.

Regarding the BC’s performance, Campos Neto defended in the letter the achievements related to inflation control.

I underscore the importance of the recent consolidation of inflation around the target and the anchoring of inflation expectations, which allowed the sustainable reduction of interest rates and contributed to the recovery of the economy, he said.

The economist also said that he participated in the current formulation of economic policy and pointed out perfect intellectual and moral affinity with the economic team, headed by Economy Minister Paulo Guedes.

Campos Neto was named on January 10 as an adviser to Guedes, as anticipated by Reuters, in a move that demonstrates the proximity of the future president of the BC with the minister of Economy.

In another document, Campos Neto said he had sold all of his stake in Santander until last December.

He indicated that he is the owner of Peacock Asset, managed by Goldman Sachs, Cor Asset, managed by Safra bank, ROCN, managed by UBS bank and Darling, for real estate management  all based overseas.

The executive explained that the companies are investment vehicles that exclusively own resources, in international assets, and without recent movement.

Investments held in Brazil and abroad will not be moved or will be managed by an independent manager without my effective participation during the period in which I am the president of the Central Bank, if my nomination is approved by the Federal Senate, he added.