2 years ago
Throughout 2021, the Brazilian cryptocurrency marketplace managed to region itself from the constabulary pages and yet triumph acceptance with the wide public, whether successful the fiscal marketplace oregon adjacent successful the top nationalist passion: soccer.
Last year, Bitcoin (BTC) acted arsenic a beardown alternate to the Brazilian existent that ended 2021 by breaking antagonistic records and reaching a devaluation of 6.5% by December, making it the 38th worst currency successful the world.
In a twelvemonth of ups and downs for Bitcoin, the biggest cryptocurrency deed a bottommost of 167,000 existent successful January and soared on with planetary markets to 355,000 existent successful May. Faced with Bitcoin’s dip, the BRL/BTC brace was stuck beneath 200,000 reals until August, erstwhile it began to emergence to a caller historic precocious of 367,000 real connected Nov. 8.
Faced with the request for economical protection, Brazilians turned to crypto. 10 cardinal Brazilians present participate successful the crypto market, according to CoinMarketCap.
In accepted fiscal markets, the Brazilian Stock Exchange debuted exchange-traded funds (ETFs) linked to Bitcoin and Ether (ETH). There are already 5 ETFs listed connected B3, immoderate of them positioned among the astir profitable successful the full Brazilian banal marketplace successful 2021.
The Central Bank of Brazil besides announced caller developments successful the integer real, a cardinal slope integer currency (CBDC), which could beryllium launched arsenic aboriginal arsenic 2023. The Brazilian Central Bank besides announced that it volition proceed moving to incorporate blockchain exertion into its services by carrying retired a bid of tests done a dedicated squad astatine the monetary authority.
In the Federal Congress, discussions connected the regularisation of cryptocurrencies successful Brazil dragged connected passim the year, until successful December, national deputies approved Bill 2303/15, which establishes criteria for the regularisation of cryptocurrencies successful the country. The measure volition beryllium further discussed successful 2022 successful the House’s plenary league and aboriginal successful the Federal Senate.
There was hostility among large players successful the cryptocurrency marketplace successful Brazil successful 2021, but besides immoderate bully news.
Brazilian exchanges went head-to-head with large crypto speech Binance. Exchanges astir the state worked with the Brazilian Cryptoeconomy Association to comply Binance to travel rules established by the Brazilian Securities and Exchange Commission, Federal Revenue Service and the cardinal bank. The planetary speech is inactive negotiating with Brazilian marketplace regulators and the country’s fiscal authorities.
Related: 'Mecca of mining': Brazil considers zero taxation connected greenish Bitcoin mining
On the different hand, Brazil’s largest exchange, Mercado Bitcoin (MB) — contiguous 1 of Latin America’s crypto unicorns — expanded its operations successful the country, entering the sporting satellite erstwhile and for all. MB besides worked alongside Chiliz to marque instrumentality tokens much accessible to Brazilian fans, a novelty that was adopted by nationalist shot giants specified arsenic Corinthians, São Paulo, Internacional, Atlético-MG and Flamengo.
The nonfungible token (NFT) marketplace besides reached Brazil with wide adoption and beingness of Brazilian players successful play-to-earn games, collectible platforms and adjacent successful the arts, being adopted by ocular artists and renowned names successful Brazilian euphony such arsenic André Abujamra and Zeca Baleiro.
For the adjacent year, we tin expect adjacent much large Brazilian and Latin American firms to participate the cryptocurrency market. The Brazilian Stock Exchange hopes to grow its offering of cryptocurrency-linked investments, with experts targeting decentralized concern (DeFi), NFTs and the Metaverse.
It’s besides worthy remembering that 2022 is an predetermination twelvemonth successful a state that has been polarized since 2016, with the Bolsonaro authorities suffering from debased popularity and being defined by societal tension. The elections could impact not lone the absorption of the integer existent but besides the aboriginal of the Brazilian economy, including cryptocurrency markets.
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