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Ruholamin Haqshanas
Ruholamin Haqshanas
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Brazil’s B3 stock exchange is expanding its cryptocurrency offerings with the introduction of Bitcoin (BTC) options and futures contracts for Ethereum (ETH) and Solana (SOL).
The new products are expected to launch later this year, B3 CEO Gilson Finkelsztain told local news outlet Valor Investe.
Bitcoin futures, which were introduced in April 2023, have been generating approximately R$5 billion ($860 million) in monthly trading volume.
In comparison, Brazilian cryptocurrency exchanges recorded a total trading volume of R$6.66 billion ($1.13 billion) in January, according to market monitor Biscoint.
B3 is Brazil’s Primary Stock Exchange
B3 serves as Brazil’s primary stock exchange, listing a range of financial products, including equities, bonds, and multiple cryptocurrency exchange-traded products.
In March last year, B3 received approval from the country’s securities regulator to introduce Bitcoin futures trading.
Prior to that, B3 offered exchange-traded funds (ETFs) and ETF receipts related to cryptoassets.
B3’s move to expand crypto derivatives aligns with growing investor interest in regulated digital asset markets.
As reported, Brazil has seen a remarkable surge in crypto usage over the past few years, central bank chief Gabriel Galipolo noted last week.
He explained that about 90% of the digital asset flow in the country stems from stablecoins.
Many Brazilians have turned to cryptocurrencies, particularly stablecoins, as a safeguard against economic instability, rampant inflation, and the depreciation of their national currency.
Brazil Warming Towards Digital Assets
Brazil has been moving toward digital assets and innovative technologies like blockchain.
In 2023, the country announced it is set to issue digital identification documents for its more than 214 million citizens using blockchain technology.
The decision to leverage blockchain technology for digital identity stems from its inherent properties of immutability and decentralization.
Alexandre Amorim, president of Serpro, said that blockchain technology is crucial for protecting personal data and preventing fraud.
He claimed that the b-Cadastros blockchain platform significantly enhances the security and reliability of the National Identity Card project, offering a more secure digital experience for Brazilian citizens.
In addition to the digital identity project, Brazil is also making strides in the development of a central bank digital currency (CBDC).
In August, the government provided more details about the project, which has been rebranded as Drex.
The CBDC aims to expand business access to capital through a tokenization system associated with the Drex.
More recently, the central bank of Brazil vowed to tighten rules and strengthen its oversight of crypto platforms amid growing crypto adoption in the country.
