• Wed, 21 Aug 2019, 03:01 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Brazilian regulators turn to blockchain in face of recession

Rio, Brazil.Max Pixel/Max Pixel

Sun, 23 Jun 2019, 14:08 pm UTC

Blockchain is considered useful for a lot of things and helping to curb economic disasters was just added to this long list. Regulators in Brazil are now thinking of turning to the decentralized ledger technology in the face of a potential recession. It was also revealed that more people in Brazil are investing in the crypto market than they are in the local market, thus showcasing just how desperate the situation is.

Speaking to Cointelegraph, Atlas Quantum chief sales officer, Bruno Peroni highlighted one of the biggest problems that Brazil is facing right now. There appears to be a higher trust in the crypto market than there is in the Brazilian stock market. This is a disastrous sign that is only further exacerbated by the 12.5 percent unemployment rate of the country.

“We have a higher number of people investing in crypto than on the local stocks markets. The most recent estimates show that there are 1.5 million Brazilians investing in crypto, whereas the local stock markets, called B3, has just reached 1 million investors,” Peroni said.

The current trail of thought among economists studying the region is that Brazil is now vulnerable to a recession. In response to this, several federal officials have filed and are supporting a bill that will essentially use blockchain and artificial intelligence to help improve the situation. The bill is titled the “Digital Provision of Public Services in Public Administration – Digital Government.”

The South American nation’s position on blockchain and cryptocurrency have also seen several evolutions of late. Among its most recent acts is the creation of new rules to govern cryptocurrency in the country. These are intended to help reduce the cases of fraud, which can be a huge problem considering how many more people are investing in the crypto market compared to the local stock market.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,636.20 (-2.05%)
  • Ethereum (ETH) $193.32 (-3.69%)
  • XRP (XRP) $0.271600 (-3.01%)
  • Bitcoin Cash (BCH) $312.17 (-3.26%)
  • Litecoin (LTC) $74.73 (-2.42%)
  • Bitcoin (BTC) $10,636.20 (-2.05%)
Aug 20, 2019 (Tuesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms
Crypto Technicals: Litecoin treads water below 200-DMA, bias bearish
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
New York court denies Bitfinex, Tether's lack of jurisdiction claim
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
Cybersecurity veteran David Damato joins crypto exchange Gemini
Deloitte unveils demonstrational platform for blockchain solutions
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
Philippines' central bank approves 2 new cryptocurrency exchanges
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.