According to U.Today, Ripple President Monica Long highlighted the growing influence of cryptocurrencies in Latin America, especially Brazil. She pointed out that Brazil's growing influence in the cryptocurrency field is due to the country's traditional financial participation, positive regulatory approach, and growing developer community. One of the key drivers of Brazil's rise as a cryptocurrency center is the country's forward-looking regulatory framework, which provides clarity and legal certainty for cryptocurrency businesses operating within its borders.
In recent years, Brazil has taken significant steps to regulate and embrace cryptocurrencies, recognizing their potential to drive financial inclusion and boost economic growth. Ripple appears to be aware of Brazil’s crypto influence and the country’s potential to serve as a catalyst for crypto adoption in Latin America: Brazil is home to Ripple’s first regional headquarters in South America. In an expansion move in Latin America, Ripple partnered with Colombia’s central bank, Banco de la República, in June 2023 to explore the use of blockchain technology. The initiative, which is part of a blockchain experimentation phase conducted by the Ministry of Information and Communications Technologies (MinTIC), will improve Banco de la República’s high-value payment systems by using Ripple’s CBDC platform.
