The latest cryptocurrency news show that Brazilian crypto exchanges are aiming for support coming from a stablecoin. As a new report by Cointelegraph Brasil published on June 26 shows, platforms such as PagCripto, Nox Trading, 3xBit and Bitcambio are reportedly poised to be the next adopters and issue the new stablecoin named Real-T.
The Real-T stablecoin, which is probably going to be accepted by many Brazilian crypto exchanges, is pegged with the Brazilian real in a one to one format (1:1) and is named Real-T (REALT).
As the whitepaper with the news explains, the “Real-T Token” is an Ethereum-based ERC-20 stablecoin that is “strictly pegged” to BRL. Many best cryptocurrency news sites and the paper also claim that the company behind the token, Real-T Tecnologia S.A. will publicly share the bank statement and provide evidence for full backing of Real-T in fiat money.
The paper announcing the adoption of Real-T by Brazilian crypto exchanges also notes that most stablecoins are currently pegged to the U.S. dollar. These include Tether (USDT), Gemini Dollar (GUSD) and USD Coin (USDC). Therefore, a new Brazilian real pegged stablecoin would bring a lot of positive things for the country.
Meanwhile, REALT was originally launched on the Brazilian exchange Stratum on May 9. As the altcoin news then showed, it was followed by CBX (another cryptocurrency) on May 10. The announcement then introduced new regulatory policies for crypto exchanges which are to be implemented in September this year.
Right now, Brazilian exchanges are required to inform the RFB on user transactions in order to guard against any possible tax fraud. The coming altcoin news also show that the authorities – namely RFB – in the country require citizens trading on the exchanges based outside of Brazil to disclose transaction data when their monthly value surpasses the $7,750 mark.
All in all, this is something that the Brazilian traders have been expecting for some time now. A new real-pegged stablecoin would not only motivate more people to enter the cryptocurrency space – it will also bring a certain stability to the cryptocurrency climate within the country. The Bitcoin trading volume and cryptocurrency in general are still popular topics in the country.
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