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Latin America's cryptocurrency

Brazil follows a different road

In some ways the contrast between Brazil and El Salvador could not be greater. Brazil's population is nearly 33 times larger than El Salvador's, and the value of its economic activity is 55 times greater. Despite this, there are important similarities (among them high levels of informal and unbanked workers). In the specific areas of cryptocurrency and fintech, there are also interesting contrasts. To put it bluntly El Salvador has done little to change traditional banking or payments systems, but, as we have seen, has championed a radical and high-risk shift to crypto. Brazil, on the other hand, has approached crypto in a highly cautious manner, while being much more radical about fintech.

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