In some countries, the adoption of cryptocurrencies is progressing quite well thanks to the various projects that the authorities are putting in place. This is the case of Argentina where a region should soon accept that citizens pay their taxes in stablecoins. In Brazil, there is also a good progression of efforts towards the adoption of cryptocurrencies.
1.3 million Brazilians own crypto
According a tweet from Bitcoin Archive on September 7, 1.3 million Brazilians filed declarations of ownership of bitcoin or other cryptos in July. This reflects the dynamism of crypto adoption in the country.
Moreover, in August, the Brazilian Central Bank undertook to develop a DeFi solution for its CBDC prototype. Itaú Unibanco, a major player in the banking sector, will be in charge of carrying out the project.
Itaú Unibanco will develop stablecoins that will be backed by the most important world currencies, among others. The banking institution will create tokens that emulate stablecoins backed by the dollar and the Brazilian real, for example. According to the Brazilian Central Bank, this new project represents a “DeFi liquidity pool“.
In reality, the Central Bank intends to create a “platform that enables custody, currency exchange and alternative investments via blockchain technology and smart contracts“. The idea of the project is to create a tool that works on the same principles as existing DeFi liquidity platforms.
In addition to this dive plan into the world of cryptos, the Central Bank has launched a whole a series of other blockchain projects. It was the institution’s innovation laboratory that proposed these projects. Among these projects, there is the development of a tool “for the tokenization of assets on the blockchain in order to decentralize credit risks“.
Brazil has launched many projects lately on cryptos and blockchain technology. And it could further improve the adoption of digital assets in the country. Soon, we could have well over 1.3 million Brazilians holding cryptocurrencies.
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