Banco Central do Brasil

Central bank · BR · 3 documents

Beyond Kelsen and the Boi Gordo Case: The Pyramid of Responsive Regulation as a New Paradigm for Cryptoactives in the Brazilian Capital Markets

Research paperOpenAlex (recherche mondiale)November 202619 pages

Formal legal subsumption fails to fully address decentralized finance, tokens, and autonomous organizations, requiring criteria based on agent behavior, risk, and proportional state response [p.1].

Central Bank Exploration of Tokenized Reserves

Research paperIMF FintechNovember 202540 pages

The note categorizes single-ledger arrangements into 4 operating models: integration, distribution, separation, and permissionless.

The Rise of Payment and Contracting Platforms

Research paperIMF FintechJune 202324 pages

The IMF mandate is governed by the central banks and finance ministries of 190 member countries.