Crypto is growing to become a significant rail to move capital, even in large economies all over the world. Brazil is one of the countries that has stepped up its crypto adoption levels, registering record numbers in crypto movements even while facing regulatory headwinds.
According to data from the latest report by Chainalysis, a blockchain analysis firm, Brazil is the largest crypto economy in Latam, having registered crypto transaction volumes of $318.8 billion from July 2024 to June 2025. The figure, which implies a year-over-year growth of over 100%, highlights the growing relevance of cryptocurrency and its possibilities for the Brazilian economy and its citizens.
Brazil sits well on top of other known crypto-friendly economies in the region, more than tripling numbers from Argentina, which reached $93.9 billion, and also eclipsing Mexico, which registered $71.2 billion during the same period.
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The case of Libra, the alleged meme coin linked to President Javier Milei’s promotion, is still ongoing in Argentina. A congressional commission investigating the links between some government officials and the token launch is currently stalled due to the failed attempts to obtain the testimonies of these officials.
Among these is Karina Milei, Javier Milei’s sister and General Secretary of the Presidency, who has failed to appear twice before the commission. Other relevant officials who have not attended the commission call are the Argentine Justice Minister Mariano Cuneo, the National Securities Commission (CNV) President Roberto Silva, and the Financial Information Unit (UIF) President Paulo Starc.
Hayden Davis, CEO of Kelsier Ventures, one of the companies behind Libra, mentioned Karina Milei as the middleman in his relationship with President Milei, claiming that he exerted control over him through bribes. “I send money to his sister, and he signs whatever I say and does what I want,” he boasted in text messages.
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Fernando Haddad, Brazil’s finance minister, shared his perspective on the implementation of Drex, the nation’s upcoming central bank digital currency (CBDC), and the objectives behind its introduction to the financial system.
On a recent podcast, Haddad denied that the current administration aims to use this new form of money to control users’ flows. He reiterated that the true objective of the tokenized Drex ecosystem is to facilitate financial transactions for the population rather than monitor their payments.
“It has transparency, it doesn’t have control, that’s not what it’s for,” Haddad explained when questioned on the issue in a podcast.
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