Brazil bans certain pension funds from investing in crypto assets

ChainCatcher news, according to CoinDesk, Brazil's top financial policy body has banned certain pension funds from investing in crypto assets due to high risks associated with cryptocurrencies.

The National Monetary Council (CMN) prohibits closed-end pension entities (EFPCs) from investing any portion of their guaranteed reserves in Bitcoin (BTC) or other digital currencies. These closed-end pension entities (EFPCs) manage the retirement savings of tens of thousands of union members and corporate employees, with their reserves typically consisting of bonds and stocks.