Brazilian Galipolo sees an increase in crypting, says 90% flow related to stablecoins

(Reuters) – Chief Chief of Brazil Gabriel Galipolo said that on Thursday he said that the use of the Krypto’s property in the country has increased in the last two to three years, with about 90% of the flow associated with stablecoins.

Stablecoins are associated into real world property, such as American dollars and therefore fluctuates much less than other cryptic funds such as Bitcoin.

Speaking at the bank for international settlements, Galipolo said that politics makers saw that it was a trend, which was primarily launched using cryptocurries as a means of paying and regulating challenges.

“Most of that buy things and buy things from abroad,” Galipolo said, emphasizing that this use “maintains some kind of opaque vision for taxation or money washing.”

He also claimed that Brazil Drek was not basically a digital currency of the Central Bank, but the infrastructure aimed at improving loans with collateral means, in context where local funding costs are high due to limited use of warranties.

The Drex will use distributed book technology to resolve wholesale interbank transactions, while retail access will be based on tokenized banking deposits.

After emphasizing that the integration of payment has significant potential to facilitate cross-border transactions throughout America, the Brazilian popular instant payment system could allow integration with international instant networks due to its programability.

(Reporting Marcela Aires; Editing Alistair Bell)