Category Archives: João Amoêdo

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 BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

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

Image Courtesy: Pixabay

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

Bitcoin Comes with Advantages Says Brazilian Presidential Candidate

Brazilian presidential candidate for the upcoming October elections in that country João Amoêdo has recently expressed pro Bitcoin views.

Amoêdo’s Brazil New Party 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.

In terms of the country’s financial system, the party opposes extensive regulation in many aspects of Brazilian society. They believe the central bank should be independent of the state. When asked about cryptocurrency, Amoêdo said that Bitcoin comes with “advantages.” On the development of blockchain in Brazil, he was particularly upbeat about its place in the country’s economy.

“I see the blockchain as a protocol that increases the reliability and integrity of the data. There are obvious applications, such as for interbank transfers or to register as a notary. Another, not so commented, is to use the blockchain to follow the productive chain of products…. We could follow every step of the production chain of a product, ensuring less bureaucracy and more intelligence.”

When quizzed whether he thought that Cryptocurrency’s had a role in a new Brazil and whether it might be used as legal tender, he responded:

“As a means of payment, I see no doubts that bitcoin can be understood as a legal payment method. If both parties want to exchange a product via bitcoin… I do not see any legal barriers to doing so” adding:

“I do not think they are a threat to the traditional banking system. I see advantages in providing another means of payment for consumers,”

With a population of nearly 200 million and the largest economy in Latin America, Brazil is a significant economic force, and an increase in the adoption of cryptocurrency use would certainly have an impact under a liberal government, which on the whole tend to be more favorable towards crypto. It’s hard to say what stance Amoêdo would take regarding the sector if he becomes the new Brazilian president in October.  Like any other politician, he would want to be seen as a staunch supporter of the country’s national currency, the real, which is tightly pegged to the US dollar. On this he commented:

“But it must be clear that the country has only one national currency, one that has a legal course, that is, the one that people are obliged to accept, the real. No other currency, including the dollar, has this characteristic. Only the real. In addition, there are restrictions on the use of the dollar for payments and as a currency of account, which are the same for any other foreign currency, including crypto-coins.”

He suggests that governments must be made aware of the public’s assets held on-line as the internet shouldn’t become a “tax haven.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy:Pixabay

The post Bitcoin Comes with Advantages Says Brazilian Presidential Candidate appeared first on BitcoinNews.com.