Regulatory Exemplars Country Report: Brazil

This report examines Brazil's progress in making its financial system more inclusive and the unique role of competition policy in achieving this aim. Key policy and regulatory measures are analyzed, including the National Microfinance Policy, credit cooperative reforms, agent regulation, and the Bolsa Família program. The 2013 Payments Law and the creation of Pix, an instant payment system, significantly boosted digital payments and account usage. Other initiatives include simplified accounts, risk-based know your customer (KYC) rules, capital market regulation fostering crowdfunding, and the creation of new licensing categories for greater institutional diversity. The report also discusses open finance, the development of a central bank digital currency (CBDC), Drex, challenges related to salary and loan mobility, and the issue of widespread indebtedness.