The cryptocurrencies, NFTs, mining and the volatility of moedas digitais are recurrent themes in Olhar Digital. However, what can cryptoactives offer in the future? To answer this question, the 'Open Finance 2021' conference brought together three experts on the subject: Edisio Pereira Neto, CEO of Zro Bank, the first multi-currency digital bank in Brazil; Helena Margarido, specialist in cryptocurrencies and blockchain and Reinaldo Rabelo de Morais Filho, CEO of the Bitcoin Market, a brazilian broker which manages the purchase and sale of cryptocurrencies through an online platform.
Initially, it was discussed how the cryptocurrency market could communicate better with the public that intends to invest in digital assets. A factor that was almost unanimous was: often the technological aspects of this type of financial investment end up “scaring” more than the investment itself.
Reinaldo, CEO of Mercado Bitcoin, suggests that it is necessary to educate the public on the subject. This educational process tends to greatly facilitate communication with those who are still outside the “crypto world”.
Edisio, CEO of Zro Bank, reinforces that this educational work is essential, since, despite the mistrust and scams associated with cryptocurrencies, there are several serious companies that work with digital currencies: “Gradually people will be able to separate the false promises of those who work in a serious way”, he said.
The executive concluded by noting that the crypto market is nothing more than “a new beginning” and a “change in thinking about financial operations”: “I hope that Brazil opens the doors to this innovation as well as the regulation of cryptos”, he said. As long as “the process is carried out fairly”.
Then Helena Margarido, a specialist in cryptocurrencies and blockchain, spoke about Def coinsi (acronym for Decentralized Finances, or decentralized finance) — this decentralized system aims to overhaul the financial system, offering, for example, issuance of stable currencies, loans, among others, without the need for a centralizing agent.
Although, according to experts, it is far from being a popular application due to the difficulty of using it, DeFi already draws attention in the market due to the volume of operations.
Reinaldo emphasizes that it is necessary to know how to use a wallet (digital wallet), monitor contracts and know various elements of the world of finance to enter the DeFi currencies, however, the executive emphasizes that there is a possibility for the Central Bank of Brazil to connect with this type of application with your CBDC (Real Digital).
Problems in adopting bitcoin
Asked about the possible wear and tear that may occur when adopting bitcoin as the only official currency, Edisio pointed out that one possibility is for the state to lose its "monetary management power", that is, replacing a traditional currency with a totally virtual one prevents a country from print money.
However, at the same time, "this limitation also forces the state to be more responsible with public accounts", added the executive.
A more realistic scenario, he said, would be thinking about adopting a stablecoin in place of bitcoin — as the name implies, a stablecoin it is a low volatility cryptoactive. Its price does not vary much, unlike what happens with bitcoin, for example.
The Bitcoin Market CEO reinforces that he sees bitcoin today as a financial reserve. The adoption of cryptocurrencies in countries like El Salvador would be more appropriate, according to Reinaldo, if it were based on a stablecoin.
Finally, the specialist in digital assets agrees that bitcoin is a kind of virtual gold, that is, today it works better as a reserve than as a traditional method of payment.
Security in companies that move cryptocurrencies
Regarding the guarantees that a company must adopt to ensure that the digital portfolios of customers will not disappear or that a hacker will steal them, for example, Reinaldo, from the Bitcoin Market, says that it is important to choose to work with brokers that operate in the Brazil to take refuge.
"In this case, the client can go to court in case of problems, in addition to avoiding tax surprises for a service provider," he said.
Regarding auditing processes, the CEO of the Bitcoin Market says that it is currently easier to know the money that your company moves in digital assets than to track a conventional currency. This comfort and security are advantages that have already been noticed by the BC.
Does Brazil intend to adopt platforms that allow it to accept cryptocurrencies in retail?
The possibility of digital assets reaching retail exists. Experts point out that some companies are already thinking of solutions to implement this change in their stores in the future.
Edisio, from Zro Bank, stated that his company already offers, for example, card machines that accept bitcoins. “Transactions are converted into Real on the same day and return to the cashier of a commercial establishment”, he says.
If it happens, this popularization process should happen first in e-commerce, experts point out.
- US wants to strengthen cryptocurrency monitoring to fight hackers
- Bitcoin reaches greater value in months and exceeds US$ 60 thousand
- English football is concerned about investments in digital assets
Finally, as the population knows what digital assets are, the trend is for more people to bet on this market. Edisio pointed out an important fact: currently only 3% of the world population knows what bitcoin is.
"Studying and researching a lot is essential before spending money on crypto", also reinforces the CEO of the Bitcoin Market.
The general rule of the experts is: be careful when choosing to invest money in unknown companies and follow the regulation of cryptocurrencies, a fact that is already underway In other countries.
Helena ended the round table by stressing that bitcoin “doesn't spend” for those who have custody and those who still don't buy it. The expert suggests that researching a lot about cryptocurrencies is essential. Doing this homework and staying away from those who promise above-average returns, according to the expert, are already important points for those who intend to enter the “crypto world”.
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