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The second largest bank in Brazil in terms of assets announced that it does not intend to work in the cryptocurrency market in the near future.
Octavio de Lazari Junior, CEO of one of the largest banks in Latin America Bradesco, said that he personally and specifically his bank are not attracted by the digital asset market. The cryptocurrency market is still not large enough and is quite dangerous for investors interested in it:
“Cryptocurrencies are investments that are intangible and riskier, and people are aware of the risk they are taking. It’s a very small market for me.”
Nevertheless, the banker did not deny that the situation may change in the future and Bradesco will be interested in the cryptocurrency market. The CEO also recalled that the bank has an investment division Agora, which is already engaged in cryptocurrency trading and provides some services in this industry.
For the bank, according to de Lazari, digital currencies themselves are one of several pillars of the crypto industry. Despite the fact that investments in this part of the crypto market will not be very large, the businessman argues, other pillars may be more attractive for investment. One of these is tokenized assets. Now the bank is engaged in projects of tokenization of debt obligations. The third pillar, according to the businessman, are the digital currencies of central banks (CBDC).
In April of this year, the head of the Central Bank of Brazil, Roberto Campos Neto, announced the trial launch of the digital real project, the introduction of smart contracts and DeFi on the regulator’s own platform.
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