Cryptocurrency

Ripple has secret plans for Brazil

We all know the Ripple and work hand-in-hand with the regulators. So, with intentions to expand to Brazil, Brad Garlinghouse, CEO of Ripple, met with the chief executives of the Central Bank of Brazil. What brazil is friendly with the criptos?

Meeting between Ripple and the Central Bank of Brazil behind closed doors

The meeting, of course virtual, closed to the press took place on the 30th of may. In this way, according to the Agenda of Authorities of the Central Bank of Brazil, the meeting had as its objective “to address institutional issues”.

However, the question is still present: What was discussed behind closed doors?

For the moments, the details continue to be revealed. In fact, Brad Garlinghouse has not made any comment on his Twitter account, and neither has the account of Ripple.

Profile image of Brad Garlinghouse on Twitter, where we observe that he has not made any comment on the meeting with the Central Bank of Brazil.

Also, it is worth noting that in the meeting participated, in addition to the CEO of Ripple, Ben Lawsky, a Member of the board of Directors, Eric van Miltenburg and Luiz Antonio Sacco, General manager of Ripple for Latin America.

Representing the Central Bank of Brazil met the president Roberto Campos Neto, Otavio Ribeiro, Director of Regulation and João Manoel Pinho de Mello, director of organization and resolution of the financial system.

However, despite the fact that you do not know the details, if you call enough attention that a meeting with the major heads of the financial institution most important in Brazil and senior executives of Ripple.

Will brazil a friend of cryptocurrencies?

We must remember that, almost a year ago, Ripple opened an office in Brazil, under the direction of Luiz Antonio Sacco. The goal was simple: to develop a base of customers in Brazil and throughout South america.

Since that time, the crypto company has made various efforts to settle in the country and, therefore, has exerted pressure to the cryptocurrencies are part of the system. How the meeting will have been part of these efforts?

We can speculate that Ripple sees Brazil as an important catalyst for crypto adoption in the whole of Latin America.

And, probably, Ripple may be right. That is to say, let us remember that Brazil recently added the use of the technologies Blockchain as an objective within the Strategy of Digital Government.

In fact, by the end of 2019, Ripple announced that it was in discussions with the authorities and banks in the country. Also, Sacco said at the time that Brazil was almost 30% of the total volume of transactions made through RippleNet.

In addition, it seems that the main authorities of the country agree that the cryptocurrencies dealt with various important issues within the traditional financial system.

“I’ve always followed the cryptocurrencies, I see that, in fact, this product aims to… a payment system fast, safe, transparent, and cheap. If we manage to do that all over the world is one country and we should have these four elements, there would be no reason for not having a digital currency”, explained the President of the Central Bank of Brazil.

What do you guys think? What will be the real reason behind the meeting between Ripple and the Central Bank of Brazil?

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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