In the last few days and weeks, Brazil has started to emerge as one of the world’s most active countries in terms of adopting blockchain technology. Within the last one week – at least five major examples of institutions and government adoption of blockchain technologies have been announced.
This adds to the trend of blockchain adoption in government and economy being led by nations in South America – Brazil, Chile, Venezuela, and El Salvador.
Globally in 2021 crypto adoption jumped by 880%, driven by peer-to-peer trading platforms, according to the Global Crypto Adoption Index.
However, long-term stability for crypto will likely rely on governments and institutions adopting blockchain technology. Thus making the use of crypto much more mainstream and accessible.
In the last month alone CoinDesk reports three major developments from Brazil:
- July 21 – Brazilian fintech company, BEE4, launches a local tokenized stock marketplace allowing mid-sized companies to tokenize their public offerings on Quorum a network running on Ehtereum (CoinDesk).
- August 15 – Brazil’s largest brokerage, XP, launched Bitcoin and Ether trading (CoinDesk).
- August 16 – Brazil’s largest investment bank, BTG Pactual launched a crypto trading platform called Mynt, that allows customers to trade BTC, ETH, SOL, DOT, and ADA
In breaking news, on August 17, the Brazilian legislation proposed to require all gold mined in Brazil to be tokenized on a blockchain. No decision has yet been made regarding the legislation.
However, the very act of proposing this bill is a step toward the government’s inclusion of blockchain technology in market regulations and economic activity.
For example, tracking all mining on blockchain could revolutionize the mining industry and create greater transparency and accountability for mining operations.
Things change fast in the blockchain industry, and the leaderboard may require updating in light of recent events. The current list of top 10 countries leading blockchain technology in the world is dominated by Asian and European countries, according to the Blockchain Council.
Regardless of which government or institution adopts blockchain first, it is evident that a global trend is emerging. Technological development may be happening faster in some countries while adoption is gaining more traction in others.