Exclusive-Brazil central bank puts brakes on tougher rules for fintechs, sources say

FILE PHOTO: People walk in front the Central Bank headquarters building in Brasilia, Brazil August 25, 2021. REUTERS/Amanda Perobelli

BRASILIA/SAO PAULO (Reuters) - Brazil's central bank has put the brakes on tougher regulations for the burgeoning fintech industry, withdrawing a draft proposal that had been set to be voted on last month by the government's top financial policy-making body, four sources familiar with the matter told Reuters.

On Nov. 18, the central bank proposed that the regulations be discussed at an extraordinary meeting of the National Monetary Council (CMN) but the new rules - which look to level the playing field between fintechs and traditional banks - were never voted on, the sources say.