Brazil's central bank chief says credit card will cease to exist soon

BY Reuters | ECONOMIC | 08/12/22 09:34 AM EDT

BRASILIA, Aug 12 (Reuters) - Brazil's central bank chief Roberto Campos Neto on Friday said he believes credit cards will cease to exist soon due to the growth of the open finance system, through which clients authorize financial data sharing with different institutions.

Speaking at an event about cryptocurrencies, Campos Neto said he disagreed with heavy regulation of crypto assets, but stressed that he was concerned about the concentration of custody since 80% of crypto assets were currently being held by four companies. (Reporting by Marcela Ayres; Editing by Mark Porter)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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