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.
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.
