The only place where P2P should be widely used is in the political arena for paying bribes and corruption. But as usual, the ones who will pay the price are the small investors.
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Investidores - Brasileiros
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BullishGalípolo questions the use of cryptocurrencies in Brazil!
The president of the Central Bank (BC), Gabriel Galípolo, questioned, this Thursday (6), the way cryptocurrencies are used in Brazil. According to Galípolo, the growth in the use of cryptocurrencies in recent years caught the attention of the BC, raising questions about the motivations for this adoption. “In Brazil we have seen a great growth in the use of crypto in recent years. This raised questions about the motivation.
In the beginning, we saw that 90% were stablecoins”, said the president of the BC at the Chapultepec conference, in Mexico. Stablecoins are cryptocurrencies that are backed by stable assets, such as the dollar or gold, reducing the volatility typical of other cryptocurrencies. They are widely used for international transactions and as a store of value.
According to Galípolo, the use of crypto was initially interpreted by the BC as a more accessible way to maintain reserves in dollars. However, the monetary authority's view changed after studies.
“We assumed that this was an easier way to have an account in dollars. But then we realized that this is much more commonly used as a form of payment and most of it was to buy things abroad,” explained Galípolo. The president of the Central Bank also emphasized that, although this is not a direct accusation, the use of cryptos can create an “opaque” environment for financial oversight and the fight against money laundering.
“And generally, and this is the bad part, people use these currencies because they maintain an opaque view of taxation and money laundering. This is not an accusation. But when you see what people are buying, there is always this doubt about the motivation,” he concluded.
Source: CNN Brasil
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The president of the Central Bank (BC), Gabriel Galípolo, questioned, this Thursday (6), the way cryptocurrencies are used in Brazil. According to Galípolo, the growth in the use of cryptocurrencies in recent years caught the attention of the BC, raising questions about the motivations for this adoption. “In Brazil we have seen a great growth in the use of crypto in recent years. This raised questions about the motivation.
In the beginning, we saw that 90% were stablecoins”, said the president of the BC at the Chapultepec conference, in Mexico. Stablecoins are cryptocurrencies that are backed by stable assets, such as the dollar or gold, reducing the volatility typical of other cryptocurrencies. They are widely used for international transactions and as a store of value.
According to Galípolo, the use of crypto was initially interpreted by the BC as a more accessible way to maintain reserves in dollars. However, the monetary authority's view changed after studies.
“We assumed that this was an easier way to have an account in dollars. But then we realized that this is much more commonly used as a form of payment and most of it was to buy things abroad,” explained Galípolo. The president of the Central Bank also emphasized that, although this is not a direct accusation, the use of cryptos can create an “opaque” environment for financial oversight and the fight against money laundering.
“And generally, and this is the bad part, people use these currencies because they maintain an opaque view of taxation and money laundering. This is not an accusation. But when you see what people are buying, there is always this doubt about the motivation,” he concluded.
Source: CNN Brasil
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