Use of Cryptoassets Increases in Brazil, with 90% of Transactions Linked to Stablecoins
The president of the Central Bank of Brazil, Gabriel Galipolo, reported a significant increase in the use of cryptoassets in the country over the past two to three years. Approximately 90% of cryptocurrency transactions in Brazil are associated with stablecoins, which are pegged to real assets, such as the US dollar, and exhibit lower volatility compared to other cryptocurrencies, like Bitcoin. Galipolo emphasized that this trend is primarily driven by the use of cryptocurrencies as a means of payment, which poses challenges for oversight and regulation, particularly regarding taxation and money laundering.
Source: Reuters
