Coinext Crypto Exchange CEO Highlights Competitiveness Driven by Brazil’s Crypto Regulatory Environment
José Ribeiro, the CEO of the cryptocurrency exchange Coinext, shared his perspective on Bitcoin and the crypto landscape in Brazil during the Web Summit in Lisbon.
During the Web Summit, Ribeiro discussed the vibrant crypto economy in Brazil and the growing competition in the country’s payments sector due to regulatory clarity. He highlighted that while cryptocurrency might be “out of fashion,” it continues to attract new users, especially in emerging markets like Brazil.
According to Ribeiro, Bitcoin transaction volume in Brazil is expected to reach record levels in 2023, while interest rates in Brazil are expected to decrease, driving increased adoption of Bitcoin. He attributes this growth to the increasing presence of global crypto exchanges like Binance, OKX, and Coinbase in the country.
Ribeiro emphasized the heightened competitiveness in Brazil’s crypto economy, driven by factors such as historical issues with inflation and anticipated interest rate changes. Ribeiro highlighted that
He noted that interest rates in Brazil are currently at 12.25% but are expected to decline to around 9.25% by December 2024. Lower interest rates, along with global factors like the approval of a spot Bitcoin exchange-traded fund in the United States and the Bitcoin halving, are anticipated to impact cryptocurrency prices.
Ribeiro encouraged a focus on the fundamentals of cryptocurrency rather than just price movements. He emphasized that people often pay attention to Bitcoin when prices are at all-time highs, but the fundamentals of the technology have remained consistent since its creation.
He emphasized the importance of regulatory frameworks for fostering innovation, stating that while regulation is necessary, it should be designed to
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