(Reuters) – Brazil’s central bank Gabriel Gallipolo said Thursday that domestic cryptocurrency use has skyrocketed over the past two to three years, with about 90% of the flow steady.
Stablecoins are much less than other crypto assets like Bitcoin, as they are pinned to real-world assets such as US dollars.
Speaking at a bank’s international settlement event in Mexico City, Gallipolo said policymakers believe this trend will be driven primarily by the use of cryptocurrency as a means of payment, raising surveillance and regulation challenges. I did.
“Most of that is about buying things and shopping for things from overseas,” Garipollo said.
He also aims to improve credit with collateral assets in situations where local funding costs are high due to limited use of guarantees, not fundamentally central bank digital currency. It claimed that it was an infrastructure.
DREX uses distributed ledger technology to resolve wholesale interbank transactions, while retail access is based on tokenized bank deposits.
After Gallipolo emphasized that payment integration has important potential to promote cross-border transactions in the US, Brazil’s extremely popular instant payment system PIX has been internationally for its programmability It has said that it could enable integration with instant payment networks.
(Reporting by Marcela Ayres, Editing by Alistair Bell)