Ripple president Monica Long emphasizes the increasing impact of cryptocurrency in Latin America.
One Latin American region where cryptocurrencies are making waves is Brazil, which Ripple president Monica Long has highlighted.
Using Brazil’s TradFi involvement, proactive regulatory approach, and expanding developer community as examples, Ripple’s president emphasized the country’s rising relevance in the crypto world.
The progressive regulatory structure of Brazil has given crypto companies operating inside its boundaries clarity and legal certainty, which is a major factor in the country’s ascent as a crypto center.
Brazil has made significant strides in the last few years to both accept and regulate cryptocurrencies, seeing them as a means to increase economic development and financial inclusion.
The president of Ripple tweeted that Brazil is rapidly emerging as a major crypto center due to its developers, forward-thinking authorities, and clear laws.
Long was present at the current Web Summit Rio in Rio de Janeiro, Brazil. The event gathers more than 30,000 individuals and companies that are revolutionizing the technology sector.
The fact that Ripple’s first South American regional office is located in Brazil suggests that the company is aware of the country’s rising crypto impact and its ability to encourage crypto adoption throughout Latin America.
As part of its Latin American development strategy, Ripple collaborated in June 2023 with Banco de la República, the central bank of Colombia, to investigate blockchain technology’s potential applications.
The implementation of Ripple’s CBDC platform will enhance the high-value payments system of the Banco de la República. This initiative was undertaken as part of a blockchain experimentation period overseen by the Ministry for Information and Communications Technologies (MinTIC).
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