Crypto Is Booming in Brazil, but Regulations Lag Behind

Site Login

Lost your password? (close)

Welcome, Guest: Join / / Advertise / Privacy / Recent / Terms and Conditions / News
Stats: 1 members, 6577 topics. Date: Tuesday, 26th October 2021


Crypto Is Booming in Brazil, but Regulations Lag Behind Forum / Crypto Is Booming in Brazil, but Regulations Lag Behind / Category / 9Jaflavour Sports / Crypto Is Booming in Brazil, but Regulations Lag Behind (0 Views)

(0) (Reply)

Crypto Is Booming in Brazil, but Regulations Lag Behind by : 10:55 am On May 8, 2021

download 19

Brazil’s largest crypto exchange, Mercado Bitcoin, has already traded $5 billion in the first quarter of 2021 alone compared to $1.2 billion in all of 2020.

Gustavo Filgueiras, a 25-year-old businessman in Brazil, began trading cryptocurrencies in 2019 after seeing an acquaintance’s crypto investment portfolio.

“I like high-risk investments because they usually result in higher profits. As a consequence, crypto caught my eye,” Filgueiras said. 

Filgueiras knows 15 or so crypto investors in Brazil,  the majority of whom are day traders looking for quick gains. A few use crypto for savings or as a store of value, he said.

Crypto is booming in Brazil, fueled by day traders like Filgueiras and his colleagues eager to take advantage of the ongoing bull market. Regulators, however, have yet to catch up. Save for a few tax requirements, Brazil’s crypto industry remains largely unregulated.

Brazil’s largest bitcoin (BTC, +3.64%) exchange reported record trading volumes in the first quarter of 2021. Locals say they’re interested in making a profit off the asset class. This is part of a larger regional trend: Other South American countries like Colombia and Argentina are seeing an explosion of interest in crypto as retail traders take advantage of crypto as an investment, remittance tool or store of value. 

Brazil, the largest economy in Latin America, is struggling to contain the COVID-19 outbreak. It is one of the countries hit hardest by the pandemic, trailing the U.S. and India. The country’s president, Jair Bolsonaro, is facing a criminal investigation for his controversial response to the pandemic. The economy is at risk of not recovering quickly from the recession that followed the first wave of the pandemic, while experts predict a spike in the inflation rate.  

Buy Cheap MTN, Glo, 9Mobile, Airtel Data VTU Services, Check out the best offers for you Today

1GB 30DAYS ₦295 BUY
2GB 30DAYS ₦595 BUY
3GB 30DAYS ₦895 BUY
5GB 30DAYS ₦1495 BUY



(0) (Reply)

Manchester United Are Still Weighing There Options Whether To Sack Solskjær Or Not / He’s Willing To Break A Personal Rule, A Decision On Ronaldo Has Been Made But It Will Cost Manchester United / Borussia Dortmund Could Be Without Erling Haaland Until 2022 / Antonio Conte Will Change His Mind Amid Manchester United Job / Rumours: Rangers To Strike Deal With Nigeria For Balogun & Aribo Ahead Of Afcon /  

Sections: 9Jaflavour Sports (2479) Guardian News (1331) Sunnewsonline (2750) Wrestlingheadlines (924)

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9) - Copyright © 2016 - Pedro Great. All rights reserved. See How To Advertise.
Disclaimer: Every member is solely responsible for anything that he/she posts or uploads on this Forum.