Brazil is getting ahead of the game. The Central Bank of Brazil has stated that it has designated a committee to delve into the cryptocurrency industry. Furthermore, that they would begin working on a Central Bank Digital Currency, or CBDC, shortly. This as China has already been making waves globally with their work on their own CBDC.
H2>Reviewing Brazil’s Central Bank’s Announcement
The press release revealed that the committee has twelve individuals from across their government sectors. They aim to identify how a CBDC could align with Brazil’s current economic environment. The team needs to show what the consequences could be of this plan to all sectors.
This is after research showed how the Brazillian government spends $16 billion per year, so there is adequate fiat currency. This revelation means that approximately 1.5% of its GDP is spent on keeping enough physical money available.
What The Introduction Of A CBDC Could Mean In Brazil?
The team has stated that they hope to show how much could be saved by the introduction of a CBDC. They would also like to show other potential advantages for society. A spokesperson for the Central Bank stated that there had been previous discussions on a CBDC. However, in 2020, the desire for more active steps has become increasingly pressing.
It should be noted that China has announced that it is on the final testing phase of its CBDC. Many new countries have stated their own plans to embark on these initiatives. Earlier within May, Ripple met with the Central Bank of Brazil. However, at present, there is no information on what was discussed or whether the meeting was successful.
New Crypto App Aims To Take Trading To The Next Level
The need for better information is felt across the investments industry. AltFins is a cloud-based system whose app gives individuals the ability to trade altcoins across many prominent exchanges. This app has built-in functionality to allow real-time updates and analytics for more-informed decisions.
New research from Glassnode, shows that interest for Bitcoin is higher now than at any point during 2017. And, many industry leaders within both crypto and blockchain have been shelling out millions on infrastructural upgrades. These include Valar Ventures, Morgan Creek, Galaxy Digital, Polychain Capital, and Lightspeed Venture Partners.
In fact, cryptocurrency has been experiencing a boom during this year. Grayscale Investments had total earnings of $906 million within the second quarter of 2020. Research conducted by Acuiti and the CME Group shed further light on changing attitudes to cryptocurrency. Their data suggests that 97% of conservative investment firms will relook into crypto investments by 2022.
AltFins received over $1 million from seed investments during July. The company shared how these funds will be used to create pre-and post-transaction data for its users. Their application gives traders the ability to screen more than a thousand coins. They are also able to find over 4000 trends and seasonal patterns and find performance data for their portfolio.