Cryptocurrency trading rises 417% in Brazil, accelerating Real Digital creation and regulation

Cryptocurrency trading rises 417% in Brazil, accelerating Real Digital creation and regulation

The number of individuals holding crypto assets surpassed that of B3, while the government and parliamentarians move to regulate the asset class and the BC develops its own digital currency

Finding a R$50 or R$100 bill on the sidewalk or in the pocket of a jacket that had been left out of the wardrobe since last winter is an increasingly rare joy these days, as money, in addition to being scarce , has long gained digital versions, at first through magnetic cards and, in a more recent past, through cryptocurrencies.

The latter were marked by decentralization, whose circulation grew independent of governments and ended up falling into popular taste, to the point of being accepted by several companies and establishments around the world, until they arouse interests of parliamentarians and governments.

Brazil, for example, is racing to launch its digital currency (CBDC), the Real Digital, in addition to the regulation of cryptocurrencies in the country, which is making great strides in the National Congress. All this in the wake of the 417% growth in cryptocurrency trading volume in the country in 2021 compared to the previous year, which represented a volume of BRL 103.5 billion last year according to an annual report by CoinTrader Monitor.

To get an idea of ​​the growth in the popularization of cryptocurrencies in Brazil, it is estimated that approximately five million Brazilians already have some type of crypto asset currently, the same number of individuals operating on the Brazilian Stock Exchange, B3, with the difference that one took just over five years to reach this number, while the other took five decades. This is because Brazil still represents a shy 2% of the world share of this market.

The creation of Real Digital, which, according to recent statements by the president of the Central Bank (Bacen, BC), Roberto Campos Neto, should take place later this year, is part of the statistics of a survey recently released by the accounting firm PwC revealing that more than 80 % of central banks are considering or have already launched a CBDC. This is the case with China, which in January launched a pilot version of the digital wallet for the yuan, the country’s fiat currency.

According to the report, countries have different motivating factors for the creation of a CBDC, among the main ones are the facilitation of cross-border payments and control of financial crime.

Among the factors that help to reflect the advance of institutions on cryptocurrencies is also the acceptance by size of companies for the settlement of purchases. In Brazil, for example, cryptocurrencies are already accepted by more than 900 companies.

Source: Exam

Related post

July deflation is synthetic and brings dangers to Brazil for 2023

July deflation is synthetic and brings dangers to Brazil…

The deflation seen in Brazil was driven by tax cuts on fuel and energy, but hides problems for next year, economists…
Authorities proposes a minimal wage of R$ 1,294, with out actual enhance for the 4th 12 months

Authorities proposes a minimal wage of R$ 1,294, with…

The government of Jair Bolsonaro (PL) on Tuesday (9) sanctioned the LDO (Lei de Diretrizes Orçamentárias), which provides for a minimum…
“I’ve mentioned it for ten years and I will say it once more: Brazil is an unlimited discipline to spend money on know-how”, says Camila Farani

“I’ve mentioned it for ten years and I will…

Former Shark Tank judge speaks, in an exclusive interview with EXAME, about the future of the startup and tech market in…

Leave a Reply

Your email address will not be published.