TechFlow news, March 31 — According to CoinDesk, Brazil's National Monetary Council (CMN) has issued new regulations prohibiting certain types of pension funds from investing in cryptocurrencies. The restrictions apply specifically to closed-ended pension entities (EFPCs), and do not affect open-ended pension products offered by banks or insurance companies. Specific measures include:
- Prohibiting the investment of guaranteed reserve funds in digital currencies such as Bitcoin;
- Affecting retirement savings of tens of thousands of trade union members and corporate employees;
- Driven primarily by concerns over the unique investment characteristics and associated risks of crypto assets.
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