Brazil investment funds forbidden from buying cryptocurrencies
Brazil's securities and exchange commission CVM has banned investment fund managers from investing in cryptocurrencies such as Bitcoin.
"CVM's technical area informs investment fund managers that cryptocurrencies cannot be classified as financial assets. For this reason, no direct acquisition of these virtual currencies by regulated investment funds is allowed," the regulator said.
The ban follows a recent warning issued by the country's central bank over the risks in trading in cryptocurrencies.
"Do not mortgage your home to buy these virtual currencies," Ilan Goldfajn, the central bank head, said in December. "It's the typical bubble, the typical pyramid, which at some point will stop rising and will come back down."
Earlier in the week Bitcoin, Ethereum and Ripple suffered a sell-off as South Korea – one of the world's largest cryptocurrency markets – prepares to ban cryptocurrency trading.
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