Crypto transactions skyrocket in Brazil

The largest economy of Latin America, Brazil, has become increasingly interested in cryptocurrencies, a fact made evident when in 2017, Brazilians’ transactions in Bitcoin grew from $160 million the previous year to $2.4 billion.

Another relevant indication is that in 2017, Foxbit had approximately 100,000 registered users whereas it currently has 400,000. “For the guys who used to hide dollars under their mattresses, now they are hiding it in Bitcoin. It’s students buying it. It’s 60-year-old bus drivers,” said the Head of International Business Development at Foxbit in London, Eduardo Ferreira.

And all the while, the Brazilian Securities and Exchange Commission has been working on regulations for investing in cryptocurrency. “It’s easy to understand why so many are interested. This is a nation of lower- and working-class-income people, and they don’t have stock brokers,” said Fred Wilson, a Partner at Urban Square Ventures.

The Central Bank is building its own blockchain platform. The educational sector is also preparing for the new era and the higher education institution Getúlio Vargas Foundation (FGV) has announced a brand new Master’s degree in Cryptofinance, whilst two new cryptocurrency exchanges are being created by Sao Paulo-based XP Investments.

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