The business I’m part of, EasyCrypto.com, also uses BRZ to deliver crypto to our clients.
I’d love to learn more about how you’re using BRZ.
I recommend using biscoint dot io to look at BRL prices - I think the best way to get CELO into BRL is still going through BTC.
The biscoint.io price would be some kind of average of the exchanges it covers, right? If so, that’s not too dissimilar to what Celo’s oracles are doing.
I don’t know the ins and outs of setting up a stablecoin but I imagine, as Brazil is a quite bureacratic country, it’s not easy. I recommend partnering with either BRZ or another stablecoin provider.
IMHO one of the advantages of algorithmic stable coins is not needing the same kind of bureaucratic set-up that a custodial fiat-backed one would entail.
Thats cool! Just catching up. To flag the cBRL ticker seems to be “unavailable” in Brazil. I like cReal as an alternative. No Brazilian uses BRL for anything, and Real is not widely used in international trading (what could leave foreigners wondering…) but in contrast will be very much relevant for the local payment system. Wondering if the community has thoughts around this.
To flag the cBRL ticker seems to be “unavailable” in Brazil.
Not sure I understand what it means that cBRL is unavailable.
My feeling is that Celo stablecoins should stick to ISO 4217 Currency Codes (e.g. cBRL) because this standard establishes internationally recognized codes for the representation of currencies that enable clarity and reduce errors.
IMO using international currency code standards is more important than having a unique ticker. Also, the other cBRL doesn’t have any data populating on Coingecko or CMC. They have 400 Twitter followers and 355 members in Telegram. So I don’t see that naming Celo Real cBRL will cause confusion for very many people.
Looking ahead we’re probably going to run across this ‘ticker taken’ problem with a lot of Celo stablecoins. I suggest that we ignore tickers on other chains and do what is in the best interest of Celo users, which is to reduce confusion by following international currency codes.
This is my first post here in the CELO Community, but I’m gonna take other opportunity later to better introduce myself.
Today is a symbolic day since it is exactly one year the Brazilian Central Bank started to experiment the PIX system, as a first phase of what they call the Open Bank System, planning to achieve their own CBDC - central bank digital currency - over the next years.
I am here to fully support the creation of a cBRL by CELO and help to develop it’s infrastructure and bridges, also bringing CELO’s beautiful values. 4 month’s ago I’ve compiled some headlines on the importance of Brazilian cryptoeconomy > ΚΣ Labs - Brazil - July 2021 – Telegraph
For now I would just like to endorse @Patrick, bringing some fresh data analyses I just did on the cryptoBRL (former cBRL) to propose we compete for “their” token name following the ISO Currency Codes. These plots show how they are “dying” and extremely concentrated - cryptoBRL consist of some Brazilian exchanges connected to AlterBank, a bank created by the largest south american exchange; MercadoBitcoin. They have 4031 transactions by only 173 holders since 2019-12-04 where just the exchanges wallets owns the big chunk sending some millions in between each other.
The funny thing about cREAL is that in my Rio de Janeiro “dialect” it really sounds like surreal, an adjective that we use lots for everything that is kind-of odd, like in: - It is surreal that cBRL from CELO is gonna be a widely used stablecoin paired with Brazilian Real before the Central Bank’s one!
Hi @luisgj and team. I love that this is going through and I think it’s a great stable for Celo to have.
However, why are we not sticking to the international currency codes and cBRL?
If the reason is because there is another cBRL, I don’t think that is a good reason. As I indicated above, there is already a cUSD (which is compound USD on Ethereum, which a much bigger market cap than Celo USD). I don’t think we should be looking at what other tokens are out there. Better to adopt a consistent naming convention like the international codes and stick to it.
What is the substantive reason we are not choosing cBRL?
Hey!!
Another Brazilian here. In Brasilia (capital) from Brazil , we use surreal for smth that is unimaginably good. Also, I personally think it sounds more like cereal, and given all crypto is after food names I find it very relevant aspect LOL
It is also worth mentioning that Real will be used mostly by local community, which does not know what BRL is. Real is very different from USD, While the latter is a global exchange currency, the first is mainly used for payments locally.
Lastly, but of extreme importance: I believe the fact the central bank wants to call the CBDC dReal is also a good indication Real makes more sense to the local market than BRL. What do you think?
I agree with you. However, I think there are specificities to the local market in this case, and to what the asset is used for. Historically USD/EUR are used for hedging and as investment methods for international community. I personally believe that the local community in a broader sense does not know what BRL is, and will be using it on their daily lives. Happy to hear your thoughts and strongly believe this convo is excellent sign the community is rather excited
I stand by my recommendation to use international currency codes as the ticker symbol for all cTokens because it puts Celo in sync with the international forex markets and more localized references to currency (e.g. real vs BRL) can be adopted by wallets as needed.
, we use surreal for smth that is unimaginably good. Also, I personally think it sounds more like cereal, and given all crypto is after food names I find it very relevant aspect LOL
