{"id":32,"date":"2022-11-20T07:44:47","date_gmt":"2022-11-20T07:44:47","guid":{"rendered":"https:\/\/arialvoyager.com\/?p=32"},"modified":"2022-11-20T07:44:47","modified_gmt":"2022-11-20T07:44:47","slug":"brazilians-wont-see-a-difference-from-the-ftx-collapse-according-to-the-ceo-of-transfero","status":"publish","type":"post","link":"https:\/\/arialvoyager.com\/brazilians-wont-see-a-difference-from-the-ftx-collapse-according-to-the-ceo-of-transfero\/","title":{"rendered":"Brazilians won’t see a difference from the FTX collapse, according to the CEO of Transfero."},"content":{"rendered":"\n

Brazilian institutional and retail sentiment toward cryptocurrencies may have been harmed by the collapse of the FTX crypto enterprise. However, it won’t have an impact on regular people because they will still utilize cryptocurrency for international transactions.<\/p>\n\n\n\n

Thiago C\u00e9sar, CEO of Transfero Group, a company that offers fiat on-ramps, commented on the recent collapse of FTX and said that, like in many other nations, the loss of the exchange has harmed confidence in centralized crypto exchanges<\/a> and crypto in general.<\/p>\n\n\n\n

Brazilian Stablecoin BRZ, which was listed on the now-defunct exchange, and Transfero Group are closely related to the Brazilian crypto ecosystem because the former provided the latter with a fiat on-and-off-ramp.<\/p>\n\n\n\n

Given that FTX was among the top three exchanges in terms of trading volume, C\u00e9sar told Cointelegraph that the collapse of the exchange has eliminated a “major liquidity source” from the market.<\/p>\n\n\n\n

He also mentioned how Brazilian cryptocurrency exchanges had a “huge outflow of funds” as a result of the uncertainty surrounding centralized exchanges, with many considering self-custody. According to his estimates, at least 20% of trading volume has been lost on exchanges thus far.<\/p>\n\n\n\n

“Many people are even attempting to liquidate any crypto investments they may have, and we merely keep money in the bank account.”
For new investors and traders, C\u00e9sar remarked that the FTX scandal will make cryptocurrency investments “harder to sell.”<\/p>\n\n\n\n

“Of course for the trader\/investor in cryptocurrencies. The sale is now more difficult. If you approach someone who is unfamiliar with cryptocurrency and try to persuade him to invest, especially in Brazil, where the populace has long been quite wary of it, It’s harder now, he claimed.<\/p>\n\n\n\n

He does point out that there won’t likely be any effects from the FTX crash for those who utilize cryptocurrency for international payments or the “internationalization of money.”<\/p>\n\n\n\n

“Players who are eager to convert their local currency into an internationally liquid asset denominated in dollars account for a large portion of the cryptocurrency volume in Brazil. In that sense, the market won’t slow down because cryptocurrency is merely a platform for it.<\/p>\n\n\n\n

Remittance payments and the fight against inflation were two of the major factors influencing the spread of cryptocurrencies in Latin America, according to a report from Chainalysis published in October.<\/p>\n\n\n\n

According to C\u00e9sar, local exchanges will probably exploit the FTX collapse as a lobbying tool to press for policies targeted at bringing foreign exchanges into compliance.<\/p>\n\n\n\n

Cesar continued by saying that these cryptocurrency exchanges<\/a> have pushed for legislation in Brazil to “segregate” domestic and foreign exchanges by denying foreign exchanges access to their global liquidity books.<\/p>\n\n\n\n

They suggested that regulations would require, for instance, the separation of Brazilian real book liquidity from foreign book liquidity.<\/p>\n\n\n\n

As their key competitive advantage derives from liquid, worldwide global books, C\u00e9sar stated that such legislation would harm international exchanges.<\/p>\n\n\n\n

Roberto Dagnoni, the executive chairman and CEO of Mercado Bitcoin, claimed in a Reuters report from November 18 that Brazil’s crypto regulations had been “sort of dormant” throughout the election time but that they now need attention.<\/p>\n\n\n\n

He remarked, “Some players have not been subject to the present rules, so you may do whatever you want.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Brazilian institutional and retail sentiment toward cryptocurrencies may have been harmed by the collapse of the FTX crypto enterprise. However, it won’t have an impact on regular people because they will still utilize cryptocurrency for international transactions. Thiago C\u00e9sar, CEO of Transfero Group, a company that offers fiat on-ramps, commented on the recent collapse of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6,8,5,11,9,10,7,12],"class_list":["post-32","post","type-post","status-publish","format-standard","hentry","category-crypto","tag-binance","tag-bitcoin","tag-crypto","tag-cryptocurrency","tag-digital","tag-investment","tag-market","tag-mining"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/32","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/comments?post=32"}],"version-history":[{"count":1,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/32\/revisions"}],"predecessor-version":[{"id":33,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/posts\/32\/revisions\/33"}],"wp:attachment":[{"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/media?parent=32"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/categories?post=32"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arialvoyager.com\/wp-json\/wp\/v2\/tags?post=32"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}