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Galipolo also highlighted the regulatory and oversight challenges presented by the widespread use of stablecoins in payments.
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Stablecoins dominate cryptocurrency transactions in Brazil, according to Gabriel Galipolo, the president of the Central Bank of Brazil.
Speaking at a Bank for International Settlements event in Mexico City, Galipolo said digital asset use in Brazil has surged in the last three years, according to a report by Reuters. Galipolo said 90% of crypto use in the country can be linked to stablecoins.
Galipolo highlighted the regulatory and oversight challenges presented by widespread use of stablecoins in payments, particularly around taxation and money laundering.
This article first appeared at Cointelegraph.com News
