Brazil’s Crypto Community Voices Concerns Over the Impact of X (Twitter) Ban
Brazil’s Federal Supreme Court banned X (formerly known as Twitter) on August 30, disrupting a crucial platform for crypto investors and causing widespread difficulties for Brazil’s crypto community.
The suspension came after Justice Alexandre de Moraes ordered the platform to be shut down, causing a major disruption to crypto information sharing in one of the most crypto-friendly regions in the world.
Before the ban, X ranked as the eighth most popular social media platform in Brazil, with 24.3 million users in 2023.
Its sudden suspension has had far-reaching effects on Brazil’s crypto community, which heavily relied on X for regulatory updates and news.
Jessica Whitaker, a crypto investor and researcher based in Brazil, explained how this has complicated her work.
She shared that many professionals in the digital asset sector depend on X to disseminate regulatory information.
With the platform blocked, accessing important updates has become more difficult, particularly regarding the development of Brazil’s Central Bank Digital Currency (CBDC), Drex.
“Platforms like ‘X’ facilitate the exchange of information between regulatory bodies and the market, something essential for emerging areas like digital assets,” Whitaker told Cryptonews.
She expressed concerns that the lack of access to this information might delay progress on Drex and hinder Brazil’s competitiveness in the global digital assets sector.
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