Category Archives: Brazilian Association of Cryptocurrencies and Blockchain

Auto Added by WPeMatico

Largest Brazilian Brokerage to Launch Crypto Exchange

Brazil’s largest brokerage Grupo XP has announced that it plans to enter the cryptocurrency ecosystem with an exchange in the coming months.

Brazil’s largest financial group will launch the exchange XDEX with plans to offer both Bitcoin and Ethereum exchange services. According to the company’s CEO Guilherme Benchimol, the company is being pushed towards cryptocurrency due to Bitcoin’s huge popularity in the country.

In terms of volume traded, Brazil is currently the world’s largest Bitcoin market with 3 million Brazilians being exposed to Bitcoin, compared to only 600,000 that invest in the stock market. The company intends to open the new exchange with forty employees.

The CEO appears reluctant to make the move but clarifies that he is simply following financial market trends, stating: “this is a theme I’d rather didn’t exist, but it does…we felt obligated to start advancing in this market.”

Next month’s presidential elections could be critical for the advancement of cryptocurrency in terms of who is elected. New Party candidate João Amoêdo has recently expressed pro-Bitcoin views and aims for the privatization of public enterprises like Petrobras, Central Bank of Brazil and Banco do Brasil. Although the party supports welfare programs like Bolsa Família, it aims to privatize the public health system and public education. The state would give vouchers for health and education to people who couldn’t afford it, according to Wikipedia.

Another Brazilian presidential candidate, João Goulart Filho from the Partido Pátria Livre (PPL) party, recently gave an interview to local blockchain media outlet Criptomoedas Fácil, where he discussed the necessity of regulations for the country’s growing cryptocurrency industry. Filho said that he and his party are, ‘following with caution’ the recent movement in the cryptocurrency market, hoping to be able to provide much-needed and well-informed regulation for Brazil if elected in October.

According to Reuters, Brazil’s banks are under investigation for closing brokerages trading in Bitcoin, after a request lodged by the Brazilian Blockchain and Cryptocurrency Association (ABCB). Grupo XP will clearly be watching the outcome of the investigation with vested interest.

Grupo XP has huge targets for the future, setting itself a goal of $245 billion under custody over the next three years with a bank scheduled for opening later this year.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Largest Brazilian Brokerage to Launch Crypto Exchange appeared first on

Bitcoin Could Be a Brazilian Bureaucracy Breaker

Cryptocurrency can promote entrepreneurship and social justice, writes Ruairi Luke McCallan in Hacker Noon, and this is no more evident than in Brazil.

The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) was launched in São Paulo last week with the aim of increasing the debate around digital currencies with the government. Bitcoin News reported recently that Febraban, the Brazilian Federation of Banks with 126 associated members, has now published tests of its research into blockchain technology. A survey conducted by Febraban in 2017, found that 65% of industry executives in Brazil said their businesses are currently studying blockchain implementation. The digital direction appears to be forward thinking.

Such moves are progressive, but McCallan argues that it seems that the “free-flowing nature of Brazilian soccer or salsa dancing” doesn’t translate into the country’s economic policy. Often cited as an economy on the rise, Brazil is one of the most corrupt and economically controlling governments in Latin America, ranking 153rd in the world for economic freedom, according to new Heritage Foundation think tank study. Also, both former and current presidents are facing charges of economic corruption and mismanagement.

The decentralized nature of Bitcoin and blockchain is currently allowing some Brazilians to avoid and circumvent prohibitive lengthy government legislation and over-regulation. New technology allows some traders, consumers and business owners to upload encrypted documents backed by blockchain, thereby avoiding lengthy verification processes.

Writing in Valuewalk, Brazilian author and Youtube star Raphaël Lima laments: “Brazil needs Bitcoin… According to a study by Credit Suisse, Brazil’s productivity has not risen since 1981, and it’s not going to rise if the government keeps banning everything that can make us more productive.”

It appears that the Brazilian government is listening. The new ABCB agency, which was started by a fintech Atlas Project, has said that it wants to lead projects based on global cryptocurrency and blockchain advances. ABCB’s management believes that the lack of a legal framework is the main barrier towards Brazil’s further progress in crypto space, and with the World Cup and Brazilian presidential elections imminent, no quick fix is expected.

With a wait of 83 days or more for a business permit for anyone wishing to do business in Brazil, it appears that the government isn’t in a hurry.


Follow on Twitter at

Telegram Alerts from at

The post Bitcoin Could Be a Brazilian Bureaucracy Breaker appeared first on