We all know Ripple and his work hand in hand with regulators. So, with the intention of expanding to Brazil, Brad Garlinghouse, CEO of Ripple, met with the top executives of the Central Bank of Brazil. Is Brazil crypto friendly?
Meeting between Ripple and the Central Bank of Brazil behind closed doors
The meeting, of course virtual, closed to the press took place on May 30. In this way, according to the Agenda of Authorities of the Central Bank of Brazil, the meeting aimed to “address institutional issues”.
However, the question remains: What was discussed behind closed doors?
For now, details remain undisclosed. In fact, Brad Garlinghouse has not commented on his Twitter account and neither has the Ripple account.
It is also worth noting that in the meeting, in addition to the CEO of Ripple, Ben lawsky, Member of the board, Eric van Miltenburg and Luiz Antonio Sacco, Ripple CEOs for Latin America.
Representing the Central Bank of Brazil were 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 the details are not known, it is quite striking that a meeting was held with the main heads of the most important financial institution in Brazil and the senior executives of Ripple.
Brazil 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: develop a customer base in Brazil and throughout South America.
Since then, the crypto company has made various efforts to establish itself in the country and, therefore, has exerted pressure to make cryptocurrencies part of the system. Has the meeting been part of these efforts?
We can speculate that Ripple sees Brazil as a major catalyst for crypto adoption across Latin America.
And, probably, Ripple may be right. In other words, let’s remember that Brazil recently added the use of Blockchain technologies as an objective within the Digital Government Strategy.
In fact, in late 2019, Ripple announced that it was in talks with the country’s authorities and banks. Likewise, Sacco stated at the time that Brazil was almost 30% of the total volume of transactions carried out through RippleNet.
Furthermore, it appears that the country’s main authorities agree that cryptocurrencies addressed several major problems within the traditional financial system.
“I have always followed cryptocurrencies, I see that, in fact, this product aims at… a fast, secure, transparent and cheap payment system. If we managed to make the whole world a single country and have these four elements, there would be no reason not to have a digital currency ”, explained the President of the Central Bank of Brazil.
What do you think? What will be the real reason behind the meeting between Ripple and the Central Bank of Brazil?