Equatorial Guinea
The Current State of Equatorial Guinea’s Economy Equatorial Guinea is an upper-middle-income country with a mainland, Rio Moni, and several small islands. The nation’s northern border is Cameron, and its eastern and southern border is Gabon. Finally, to the west, there is the Gulf of Guinea. Equatorial Guinea is a small Central African country that spans 28,000 square kilometers. As of 2024, the country had a population of 1.9 million people. While Equatorial Guinea is a small country, it has many arable land and mineral resources such as gold, uranium, oil, and gas. The economy is oil-dependent, which has been its stronghold since its discovery in 1995. However, the economy has declined since its peak in 2008, with the current GDP per capita at $5,240 as of 2023. While the economy is expected to grow by up to 5% in 2024, thanks to repairs in the hydrocarbon sector, it is only a temporary bounceback. The economy is still susceptible to future decline without diversification. The State of Crypto Adoption in Equatorial Guinea Source: Forextime.com Equatorial Guinea is one of the many African countries without a legal stance regarding crypto adoption. However, there is growing interest in cryptocurrency. According to Statista.com, “the user penetration rate, which is the proportion of the population using cryptocurrencies, is projected to be 2.38%.” Despite Equatorial Guinea’s small population and landscape, several people are still interested in cryptocurrency, with the crypto market in the country projected to reach US$244,700 in 2025. However, the adoption rate is still small compared to countries like Nigeria, which has over 10 percent of its population in cryptocurrencies. Regardless, the adoption rate is only projected to grow from here. Crypto Laws in Equatorial Guinea Source: Navelle Currently, the cryptocurrency sector in Equatorial Guinea has no specific laws or regulations as the government doesn’t recognize it. Digital currency is not legal tender, but it is not illegal to engage in cryptocurrency-related activities in the region. There are no penalties or enforcement regarding digital currency from the government or central bank. Equatoguineans can trade and store cryptocurrency. However, with no governmental regulation, there is no institutional protection against fraud and losses. But that might change soon as Equatorial Guinea plans to pivot towards a digital economy. In a release, the World Bank recommends that digital transformation could play a critical role in diversifying Equatorial Guinea’s economy in the upcoming years. Thus, the need for the country to double down on its crypto adoption. “Looking at the size of Equatorial Guinea’s economy, digital marketplace platforms can help firms to expand and access other markets, which could be especially important to stimulate the development of the private sector in the country,” said Aissatou Diallo, Resident Representative for Equatorial Guinea. Taxation of Cryptocurrency in Equatorial Guinea Source: YOUtax Cryptocurrency taxation in Equatorial Guinea is non-existent. Since the country doesn’t recognize the digital currency, it has not imposed tax regulations. Hence, players participating in cryptocurrency don’t have to worry about violating any tax laws, as there are none. However, we recommend you stay current as regulations are often updated regularly. Factors Driving Crypto Adoption in Equatorial Guinea Source: Alesia Kozik Although crypto adoption is slow in Equatorial Guinea, it still happens. Here are the factors that are driving the adoption of cryptocurrency in the region: Economic Uncertainties The main currency in the region is the Central African Franc, which is subject to inflation and other forms of stability. While Equatorial Guinea’s current economic state is positive, African countries have a history of unstable economies. Cryptocurrency serves as a raft to stay afloat when inflation and economic instability hit. Remittances Several Equatoguineans rely on families working abroad to make ends meet. The current rate of remittance fees has made many consider a cheaper and faster alternative, like cryptocurrency, to send money across borders. Government Regulation There are no government regulations in Equatorial Guinea. The absence of restrictive laws has led to an open environment for storing and investing in cryptocurrencies in the country. Investment Opportunities Cryptocurrencies offer several investment opportunities, from DeFi to storing crypto to sell later. This has led to increased interest in cryptocurrencies as a way to make more money. Challenges to Cryptocurrency Adoption in Equatorial Guinea Source: Walloftraders Cryptocurrency has so many perks, from financial inclusion to potential investments. So, what is preventing the widespread adoption of cryptocurrency in Equatorial Guinea? Here are the common challenges possibly in the way of a higher adoption rate in the nation: Lack of Financial Literacy One of the leading reasons the crypto adoption rate is under 5% in Equatorial Guinea is the lack of financial literacy. Few people know about cryptocurrency and its potential benefits. Moreover, people with limited education often regard investing as a “risky” venture. Absence of Trust and Regulation The Equatoguinean government does not regulate, which has made many citizens wary of it. Moreover, it is uncertain when the country will address the elephant in the room and state its stand on cryptocurrency. So, most citizens avoid it until they can be confident the government is ready to provide consumer protection. Shift to a Digital Payment Method Cryptocurrency is not a legal tender in Equatorial Guinea. The accepted currency in the region is the Central African Franc. Moreover, digital payment methods aren’t widely accepted as the economy runs on cash. Credit cards aren’t even accepted except in major hotels and airports. That said, the transition to digital payment often dissuades people from opting for cryptocurrency. Potential Benefits of Crypto Adoption in Equatorial Guinea Source: Wikimedia Commons Undoubtedly, Equatorial Guinea is trailing behind in terms of crypto adoption. Other Central African countries are adopting cryptocurrency at a fast rate, but why? Here are the potential benefits of adopting cryptocurrency: Protects Against Inflation Crypto tokens, such as Bitcoin, can protect against rising inflation rates because many tokens have a set amount that can be mined. For example, Bitcoin’s set amount is 21 million Bitcoins. Hence, the more money made, the higher the token’s value. So,
South Korea
The Current State of South Korea’s Economy Source: James St. John South Korea is a high-income nation with a mixed economy. The country has seen remarkable economic growth, with its GDP increasing by an average of 5.7% annually since 1980. Currently, South Korea is the fourth largest economy in Asia, with a GDP of USD 1.8 trillion, trailing behind China, Japan, and India. The growth is attributed to several factors, such as export policies, industrial strategies, and investment in technology and education. Today, South Korea is one of the leading producers of automobiles, semiconductors, and electronics. As the world goes digital, South Korea is championing the electronics trade and growing its GDP. With a population of roughly 51.6 million as of 2024, the GDP per capita is around USD 35,000. However, the country’s economy is at stake. South Korea faces fertility concerns, tension from North Korea, and competition from China. The State of Crypto Adoption in South Korea Source: FreeMalaysia While South Korea is a hub of technological exports, it is also home to several cryptocurrency enthusiasts. Many of those who adopt cryptocurrency are youth. The increased adoption is thanks to the high unemployment rate among the younger generation, which has led many of them to seek out cryptocurrency as an alternate path to prosperity. According to a recent report by the South Korean Financial Services Commission, as highlighted by Hankook Ilbo, the number of cryptocurrency investors in the country reached 7.78 million in the first half of 2024. This marks a 21% increase from 6.45 million in the second half of 2023. The South Korean populace is taken by investing in digital assets. A recent KOFIU report stated that most are between 30 and 40 years old. Hence, the young, tech-savvy South Koreans are pushing the market forward. Moreover, tech giants like Samsung also facilitate increased adoption by leveraging blockchain technology. This has led more people to consider adopting cryptocurrency. Crypto Laws in South Korea Source: Wikimedia Commons The South Korean government has addressed regulating and legalizing crypto use within its premises. South Koreans can own and trade cryptocurrency if licensed exchanges are used. However, the country banned anonymous crypto trading. This increased participation in cryptocurrency attracted criminals and the need for regulation alike. In 2021, following the March revision of the Act on Reporting and Using Specified Financial Transaction Information implementation, virtual asset service providers became regulated. The crypto exchange laws in South Korea are rigorous and overseen by the Financial Services Commission (FSC). In 2020, the Korean government extended the anti-money laundering and counter-terrorist financing obligations to all South Korean exchanges. Also, the exchanges were required to get a license from the Financial Services Commission (FSC) before they could operate. Moreover, the Bank of Korea (BOK) has been developing a central bank currency since 2020. It completed the first two phases of the process in 2021 and 2022, respectively. The digital currency has been tested on a distributed ledger and used for offline purchases. A third phase is expected to occur in 2024, during which the asset will be tested in real-life situations. Taxation of Cryptocurrency in South Korea Source: YOUtax Taxation is a crucial aspect of South Korea’s regulatory landscape. Taxation was initially scheduled for January 2022 and was expected to be 20% of every crypto gain. However, industry experts and retail investors reacted negatively to the suggestion, pushing the tax implementation date to between 2025 and 2028. The push was to prevent disincentivizing investors from investing in the crypto market. Debates are still ongoing regarding the possible taxation and how it can affect the market’s growth. For now, crypto taxation remains a grey area. You are advised to speak to a tax professional. Factors Driving Crypto Adoption in South Korea Source: Alesia Kozik South Korean crypto adoption is on a positive trajectory with more individual participation and trading volume. What are the factors driving this incremental crypto adoption in South Korea? Here is an overview of why more South Koreans are investing in cryptocurrencies now than ever: Innovations and Technological Advancement Blockchain technology is experiencing rapid innovation and several cryptocurrency products. These innovations and products attract more people to cryptocurrency. One of the many innovations in DeFi is where people can access typical financial services and earn while doing so. This has played a significant role in boosting interest in cryptocurrency. Increased Accessibility South Korea has made extra efforts to make cryptocurrency much more accessible. Several licensed exchanges, such as UEEx, allow South Koreans to store and trade crypto. Moreover, other features, such as user protections and security measures, have also contributed to increased adoption among retail investors. Government Regulation and Support The leading reasons South Korea is experiencing such a grand adoption of cryptocurrency are government regulation and support. The government’s willingness to support and regulate cryptocurrency for user protection has created a safe and trustworthy environment. Furthermore, the regulations mitigate the risks of scams, which encourages investors. Hedge Against Inflation Many South Koreans view cryptocurrency as a viable hedge during economic uncertainties. Moreover, it offers several investment opportunities, which allow South Koreans to harvest high returns. These perks make cryptocurrency an attractive investment choice in the country. Challenges of Crypto Adoption in South Korea While crypto adoption is on the rise in South Korea, there are several roadblocks impeding its progress. This chapter discusses potential challenges to South Korea crypto adoption: Uncertain Regulatory Stance South Korea’s stance regarding cryptocurrency has been inconsistent. The new martial law declared by President Yoon Seok-yul rocked the crypto market. Many traders believe the declared martial law might cause stifling regulations like asset freezes and suspension of exchanges’ operations. This kind of regulatory instability has created a difficult situation where investors and businesses can’t plan long term. Volatility Another reason why investors are wary is the market’s volatility. A notable example is with the recent tumbling of Bitcoin and XRP prices by up to 30% when the president declared martial law. These kinds of fluctuations have dissuaded
Vatican City
The Current State of Vatican City’s Economy Source: Wikipedia Commons Vatican City is the smallest country nestled west of the Tiber River. It is landlocked within Rome, Italy, and home to the Roman Catholic Church. Vatican City has fewer than a thousand people but over five million tourists yearly. Hence, tourism contributes majorly to its GDP. Other significant sources of revenue for the country are selling stamps, coins, and medals. As of 2023, Vatican City’s GDP was about $21 million. However, its GDP per capita is $21,198, making it one of the wealthiest countries by capital in the world. The State of Crypto Adoption in Vatican City Source: Medium Vatican City is the smallest country in the world, with under 1,000 citizens, most of which are Catholics. The Vatican’s potential ethical concerns regarding cryptocurrency are partially true. The nation has shown interest in blockchain technology, particularly its potential to preserve cultural heritage. The Vatican Library has partnered with NTT DATA Italia to use blockchain technology to preserve its vast collection of manuscripts. However, not much is said regarding using cryptocurrency as a payment method. Nonetheless, those at Vatican City are free to store and trade crypto assets. While the government hasn’t provided regulations, it is not banned. Crypto Laws in Vatican City Source: Flickr Vatican City doesn’t truly have its specific cryptocurrency laws. Its Central Bank hasn’t issued specific regulations or guidelines regarding cryptocurrency. This lack of direct regulation has created some ambiguity, but Italy has cryptocurrency regulations, which could indirectly impact cryptocurrency activities within Vatican City. It’s important to note that the Vatican has shown interest in blockchain technology, particularly its potential to preserve cultural heritage. However, the government’s stance on cryptocurrency remains cautious due to concerns about potential risks and ethical implications. Taxation of Cryptocurrency in Vatican City Source: Needpix Vatican City has no form of taxation. Its citizens are free from all taxes, from income to crypto taxes. Citizenship is granted to those who work for the Vatican and it revoked at the end of their appointment. As it stands, citizens can engage in all forms of financial activities without taxes. Challenges to Cryptocurrency Adoption in Vatican City Source: FreeMalaysia Cryptocurrency can help diversify Vatican City’s economy, but why doesn’t it have widespread adoption? This section addresses the challenges behind crypto adoption in the Holy See. Lack of Financial Literacy The Vatican has shown interest in blockchain technology, particularly for its potential to preserve cultural heritage; there may be a general lack of financial literacy regarding cryptocurrency among the Vatican’s population; it’s not entirely accurate to attribute this solely to religious beliefs or complete disinterest in modern financial technologies. Absence of Government Approval While the Vatican City Government hasn’t made an official statement directly supporting or opposing cryptocurrency, they have expressed concerns about its potential use in illegal activities like money laundering and human trafficking. The Vatican has called for international regulation to address these risks. Public Perception The Vatican hasn’t fully embraced cryptocurrency but is interested in blockchain technology. Blockchain can help protect and preserve important cultural items, like manuscripts. While the Vatican remains cautious regarding cryptocurrency, it seems open to using blockchain for positive purposes. Potential Benefits of Crypto Adoption in Vatican City Source: Wikimedia Commons Vatican City is a country in need of multiple revenue streams, and cryptocurrency can be one of them. However, let’s dive deeper into the possible benefits of the country adopting cryptocurrency. Financial Inclusion Cryptocurrency promotes widespread financial inclusion. It is easy to get started on most platforms. Hence, it supports rapid registration. This way, anyone can sign up and start transactions, leading to financial inclusion across the board. It eliminates the need for banks, as cryptocurrency allows you to be your bank. Quicker Transactions Cryptocurrency eliminates the need for excessive wait times. Once you process a transaction, it is done in under a minute. This feat is one of the significant perks of cryptocurrency and sets it apart from contemporary banking. Potential Investment Cryptocurrency has lots of investment potential, from DeFi to Mining. Citizens can buy and sell crypto tokens for a profit. It is also possible to replicate typical financial services such as lending and borrowing and make a profit. Undoubtedly, cryptocurrency offers a country an opportunity to increase its living standards. Conclusion Vatican City is a small country with a population of not up to 1,000 citizens and a decent percentage in the Catholic Church. Vatican City has shown interest in using blockchain technology to store heritage. Also, the Vatican representative, Msgr. Urbanczyk has called for regulations on and offshores, but it remains ambiguous if anything has happened. The economy remained fixed on how it makes money, such as tourism. It is still being determined if the country will ever try more radical ways to improve its economy. However, crypto adoption in Vatican City remains a grey area for now. Of course, we will update occasionally, but we are not promising anything. Frequently Asked Questions Why Has Vatican City Not Adopted Crypto Yet? One primary reason is that the country’s government has refused to address it, which makes many skeptical. Hence, citizens of Vatican City would rather avoid digital currency. Moreover, Vatican City is seen as mundane, contributing to ethical concerns. Can I Trade Crypto in Vatican City? Of course! The country has no restrictions, so you can buy various tokens and trade them as a citizen of Vatican City. What is the Crypto Tax in Vatican City? It is zero! The country doesn’t impose any form of tax, including crypto tax. Hence, citizens can transact as they should without worrying about tax fraud.
Bhutan
An Overview of Bhutan Economy Bhutan’s economy relies on agriculture and forestry to provide livelihoods for about 60% of its population. Agriculture consists mainly of animal husbandry and subsistence farming. Its forests also provide tons of raw materials it trades to grow its Gross Domestic Product. Bhutan has rugged terrain, which limits its ability to build roads and infrastructure. Regardless, the nation is one of the richest in South Asia in gross domestic product (nominal) per caption. Nonetheless, it is considered one of the poorest countries in the world, ranking 178th by the IMF in GDP. Current State of Crypto Adoption in Bhutan Source: Skyfi lab Bhutan is tucked between two behemoths, China and India. The country has a population of under a million, with only about 4-5% actively engaging in crypto-related activities. According to Statista, “the cryptocurrencies market is projected to achieve a revenue of US$53,800 in 2024”. However, the growth is projected to drop in the coming years. In 2025, the crypto market’s value would drop to $51,200. The user penetration is also not incredible, at about 4.88% in 2024. The low penetration of cryptocurrency in Bhutan might be cultural. The nation has strong ties with religion and hardly prioritizes amassing wealth. In the 1970s, Jigme Singye Wangchuck, Bhutan’s fourth monarch, wanted to nip the bud of the kingdom’s obsession with economic growth. He formed the mantra “Gross national happiness is more important than gross domestic product.” Yet Bhutan has participated in one of the biggest state-operated mining activities. Let’s examine Bhutan’s Bitcoin mining and how it affects the country. Crypto Law in Bhutan Source: Flickr As of 2024, cryptocurrency is a gray area in Bhutan. The legislative landscape of cryptocurrency is unregulated. The only information by the country regarding cryptocurrency comes from the country’s central bank, the Royal Monetary Authority. The bank released a warning in 2020 regarding Pi and other cryptocurrencies. Cryptocurrency is not legal tender or backed by the Central Bank in Bhutan. Hence, all crypto transactions are carried out at the risk of the parties involved. The government advises against cryptocurrency due to its potential dangers. While the country advises against cryptocurrency, there are no laws banning it, no penalties for participants, and no regulatory framework for trading, using, or mining cryptocurrency. The legal status is currently unclear. Potential Perks of Crypto Adoption Source: Space Coast Daily Crypto adoption comes with several amazing benefits; here are a few of them: Economic Growth Cryptocurrency is known to spur economic growth in countries that adopt it. Once Bhutan adopts crypto, it will offer a fertile ground for crypto-related and blockchain startups. This would attract investors and also create jobs. More jobs and startups provide revenue for the country through taxes. Transparency and Traceability Blockchain technology features all transactions on a public ledger. Hence, opting for cryptocurrency promotes transparency, which reduces the chances of fraud and corruption. All the transactions are traced, and users can’t alter them once they are recorded. Lower Transaction Fees Crypto transactions have less fees and shorter processing times. You can process transactions much faster and cheaper than traditional financial transactions. Hence, embracing crypto transactions is better for international and peer-to-peer transactions. Challenges of Crypto Adoption Source: Needpix.com Several challenges exist that stifle Bhutan’s potential rapid and widespread crypto adoption. Here are some notable mentions: Environmental Impact Participating in crypto mining has serious environmental implications. The current energy consumption for cryptocurrency mining activities is massive, adversely affecting the environment. As a result, this has dissuaded many countries from participating in crypto-related activities. Lack of User Protection Unlike traditional finance, cryptocurrency doesn’t have user protection. There is no central authority, so consumers are responsible for all that happens. If a user loses their crypto assets as a result of a hack, there is almost always recourse. The lack of protection often deters people from adopting cryptocurrency. Integration with Current Traditional Financial Systems Integrating cryptocurrencies into the current financial system can be a hassle. Hence, countries like Bhutan wouldn’t want to disrupt their flow by including cryptocurrencies. They have stated many times that cryptocurrency is still a foreign concept. Bhutan Bitcoin Mining Operations Source: ccnull.de Although Bhutan’s stance on crypto remains unclear, the country participates in crypto mining. Bhutan is now a major state holder of Bitcoin, trailing behind China, the UK, and the US alone. This development comes as a great surprise as Bhutan is viewed as a nation. Nonetheless, it has been toiling endlessly to raise its Bitcoin reserves, gaining attention from the cryptosphere. Arkham Intelligence revealed that Bhutan’s Druk Holdings has 13,011 Bitcoins as of this writing. This amounts to about $780 million and a third of the country’s GDP. Plus, a population of roughly 780,000 equates to $1,000 in Bitcoin per head. Arkham explains that the country can accumulate a lot of Bitcoin thanks to its mining operations. Much of Bhutan’s infrastructure is dedicated to mining. And while mining is power-intensive, Bhutan leverages hydropower to provide the necessary power supply. The exciting twist is Bhutan doesn’t limit its holdings to Bitcoin alone. Here are some of the other cryptos Bhutan has: Finally, the country wants to invest $500 million in developing greener mining operations. A portion of the cost will go to chips, hardware, and bolstering hydroelectricity. Is Cryptocurrencies Legal in Bhutan? Unlike its neighboring countries, Bhutan has no clear say on its legality. The discussion is still a gray area, and so far, no regulations have banned the activity in the region. Final Thoughts Bhutan is more than a happy country; it is also a mining behemoth. While the nation has active mines, Bhutan has not declared its stand on cryptocurrency. At best, the activity is still a gray area. Of course, we will update occasionally, but we are not promising. Disclaimer: The views expressed in this article are not intended as financial advice and should not be taken as one. We accept no liability for any financial decisions made based on the information presented in this article. Frequently
Brazil
An Overview of Brazil’s Economy Brazil is home to over 200 million people with a GDP per capita of about US$8,802. Its economy is lucrative thanks to sectors such as tourism, agriculture, mining, and energy. Brazil is also one of the leading oil producers in the world, which significantly funds its economy. According to IMF 2024, Brazil has the 8th largest GDP worldwide. The nation’s economy remains decent due to its tight labor markets and increased investment. It is an upper-middle-income economy. However, the country’s currency has been in rough shape. This changing dynamic has spurned interest in cryptocurrency in recent years. The State of Crypto Adoption in Brazil Source: Startupnames By the end of 2023, 26 million people in Brazil owned cryptocurrency, about 12% of the country’s population. Brazil records an insane transaction volume each year, earning it a spot in the top 10 countries regarding crypto adoption. With 12% of Brazil’s population in crypto, the country is part of the top ten in the world in terms of crypto adoption. It trails only behind the UAE, Vietnam, the USA, Ukraine, Indonesia, and the Philippines. This feat depicts Brazil’s growing interest in a traditional banking alternative. Brazilians turn to cryptocurrency as a refuge against the country’s currency devaluation. Now, many Brazilian adults save their funds in stablecoins, which they deposit in software and hardware wallets. The amount transacted yearly amounts to billions of dollars. Along the way, people dappled into other blockchain and crypto capabilities. Crypto exchanges, like UEEx, now view Brazil as a prominent market and spot for possible expansion. This further fuels the penetration of cryptocurrency into the country and attracts the government’s need to set regulations and taxes. A Brazilian digital currency, Drex, is also in the works. The organization behind the currency creation is the Banco Central do Brasil (BCB). The currency aims to be used alongside the Brazilian real to reduce operation costs and ensure more financial inclusion. The estimated launch for the digital currency is slated for early 2025. Crypto Laws in Brazil Source: Flickr Brazil hasn’t enacted laws recognizing cryptocurrencies as legal tender, but there are legal frameworks that regulate their use as assets. While Brazil considers only the Brazilian Real as legal tender, cryptocurrencies are classified as assets under Brazilian law. Brazil formally defined crypto assets in May 2019, with the Federal Revenue Office issuing Normative Ruling No. 1,888/19 for reporting crypto transactions. Building on this, the ‘Legal Framework for Virtual Assets‘ was enacted on June 20, 2023, giving the Brazilian Central Bank authority to regulate and supervise crypto exchanges and related activities. Taxation of Cryptocurrency in Brazil Source: Flickr The Federal Revenue Service of Brazil oversees the taxation of crypto assets. Brazilians’ profits from selling or trading cryptocurrency are subject to capital gains tax. However, not all profits are taxed, only those that exceed R$35,000 in a month. Below this threshold, the investor goes unscathed. Brazilians must familiarize themselves with crypto taxation to ensure thorough compliance. The RFB employs advanced technology, including AI, to nip tax evasion. If caught trying to maneuver, it can lead to penalties. Let’s take a look at the different types of taxable events in Brazil: In contrast, buying cryptocurrency with fiat and transferring cryptocurrency between wallets don’t attract taxes. Capital gain tax varies from 15 to 22.5% annually, depending on the profits gained. The system promotes proper reporting and transparency by enforcing a progressive tax system. These taxes refer to selling cryptocurrency for cash and trading one crypto asset for another. The income tax on crypto transactions ranges from 7.5 to 27.5%. Events that attract these taxes are selling goods and services for crypto payment or mining. What Factors Drive Crypto Adoption in Brazil? Source: Juan Pasalagua Brazilians are at the frontline regarding crypto adoption. What has led the country’s people to adopt crypto while the rest of Latin American countries lag? Here are the factors driving increased crypto adoption in Brazil: Restricted Access to Traditional Banking Several Brazilians lack access to traditional services, which can be due to geographical or societal status. Cryptocurrency serves as an alternative means of financial services, allowing people to participate in local and international trades. Financial Inclusion Cryptocurrencies offer a medium for all Brazilians to access financial services. Brazilians can sell, lend, and even invest without needing to open a traditional bank account, which often requires a lot of paperwork. It can also promote economic growth, stifle poverty, and improve well-being. The interest is apparent in the recent launch of a crypto exchange platform that reached a million users in just a month since its launch. This showcases Brazilians’ interest in how cryptocurrency facilitates fast and seamless transactions. Furthermore, according to a Brazilian survey by Consensys and YouGov, 41% of Brazilians either own digital assets today or have previously owned those. Investment Opportunities Brazilians have a cascading economy, and cryptocurrency appears to be a favorable investment option as the currency devalues. They HOLD, stake, lend, or borrow to make profits. According to Thomaz Fortes, the crypto lead at Nubank, the main utility for crypto in Brazil right now is as a speculative investment. “Customers want a way to expand their earnings,” he explained. Lower Transaction Fees Transferring crypto costs less than transferring fiat. Hence, many Brazilians prefer to pay for goods and services with cryptocurrency rather than the Brazilian Real. Several crypto exchanges, like UEEx, offer reduced transaction fees, so people can transfer money for less than the cost they would normally do with the Brazillian Reel. Challenges to Cryptocurrency Adoption in Brazil Source: iaccAdmin While crypto adoption is rising, some challenges still stifle the country’s adoption level. Here are the challenges: Education Many Brazilians still need to become familiar with cryptocurrency. They do not know which sites to use or the basics of cryptocurrency. Awareness campaigns are required to educate Brazilians on the benefits and risks of cryptocurrency. The number of Brazilian crypto users is projected to grow to 31 million as more people become knowledgeable about