According to U.Today, Ripple's president, Monica Long, has highlighted the increasing influence of cryptocurrency in Latin America, with Brazil quickly becoming a significant player in the crypto world. Long pointed out Brazil's active engagement in traditional finance (TradFi), its proactive regulatory approach, and its expanding developer community as key factors contributing to its growing prominence in the crypto landscape.
Brazil's rise as a crypto hub is largely attributed to its forward-thinking regulatory framework. This framework has provided clarity and legal certainty for crypto businesses operating within the country. In recent years, Brazil has taken significant steps to regulate and embrace cryptocurrencies, recognizing their potential to promote financial inclusion and stimulate economic growth.
Long made these observations while attending the Web Summit Rio, a major tech event held in Rio de Janeiro, Brazil. The summit brings together over 30,000 individuals and enterprises that are redefining the tech industry.
Ripple seems to recognize Brazil's growing influence in the crypto world and its potential to act as a catalyst for crypto adoption throughout Latin America. Brazil is home to Ripple's first regional headquarters in South America. As part of its expansion in Latin America, Ripple partnered with Colombia's central bank, Banco de la República, in June 2023. This partnership, part of a blockchain experimentation phase conducted by the Ministry for Information and Communications Technologies (MinTIC), aims to enhance the Banco de la República's high-value payments system using Ripple's Central Bank Digital Currency (CBDC) platform.