A Wider Pool of Customers
In a major move, Binance, the world’s premier cryptocurrency exchange, has made its innovative payment method, Binance Pay, available to the populous Brazilian market.
Binance Pay stands out as a contactless and cross-border cryptocurrency payment system. What sets it apart is its wide compatibility range, supporting over 70 different cryptocurrencies. The transition promises to bring about a new era in the country’s digital transactions landscape.
Brazilian users get a bonus as they can seamlessly access this service devoid of any fees. The businesses stationed in Brazil have the dual advantage of receiving their payments in the native Brazilian real or choosing the crypto route by directly channeling the cryptocurrency into their dedicated wallets.
We envisage this rollout to have a pronounced impact on the business ecosystem in Brazil. The nation’s accelerated crypto adoption curve is hard to miss. Embracing cryptocurrency as a legitimate payment means businesses can tap into a fresh reservoir of potential customers,
Guilherme Nazar, the strategic general manager for Binance in Brazil
Furthermore, Binance Pay’s integration doesn’t stop at being a payment method. Users can utilize the platform to recharge their prepaid mobile credits via the Binance application. It also comes equipped with compatibility for WordPress, especially incorporating the e-commerce plugin, WooCommerce.
Brazil Paves the Way with New Taxes
Brazil is not new to the world of cryptocurrency. In the face of US regulatory ambiguity, Brazil continues its forward march in the crypto sphere.
A landmark decision saw the Brazilian legislators greenlighting modifications to the existing crypto tax bill. The essence of this amendment aims at setting a consistent taxation protocol for crypto assets, irrespective of their storage location—inside or outside Brazilian territory. This is a marked change from the previous tax structure where overseas-stored cryptocurrencies enjoyed a tax advantage over those held in Brazilian exchanges.
Parallelly, Brazil is plunging headlong into the establishment of its indigenous central bank digital currency (CBDC).
To add another feather to its cap, Chainalysis, the reputed blockchain data firm, spotlighted Brazil in its Global Crypto Adoption Index report. The country impressively clinches the 7th spot in global crypto adoption.
