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)

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