Gabriel Galipolo, the president of the Central Bank of Brazil, stated that stablecoins account for 90% of cryptocurrency use in Brazil, emphasizing a significant rise in digital asset usage over the past three years. Speaking at a Bank for International Settlements event, he mentioned the challenges of regulation and oversight concerning stablecoins, particularly regarding taxation and money laundering. Galipolo clarified that Brazil's Drex digital currency project is not a central bank digital currency (CBDC), but rather a project aimed at enhancing credit accessibility and settling interbank transactions using distributed ledger technology. Additionally, Brazil's stablecoin trading volume represented a substantial portion of the crypto activity, which is only second to Argentina in Latin America. The increasing use of stablecoins has been notable globally, with 2024 seeing them surpass traditional finance players in transaction volumes.

Source 🔗