Binance, a prominent player in the world of cryptocurrency exchanges, has made Binance Pay avaible in the Brazilian market. Binance Pay serves as the exchange’s solution for borderless and touchless cryptocurrency payments, supporting more than 70 different cryptocurrencies.
This move will cater to a wider range of clients. Binance has specified that users can use this payment platform without any fees. Moreover, businesses within Brazil have the option to accept payments in Brazilian real or directly in cryptocurrency to their designated digital wallets.
Guilherme Nazar, the General Manager of Binance in Brazil, highlighted the significant impact of this launch on Brazilian businesses. Additionally, he emphasized the country’s impressive increase in cryptocurrency adoption. Integrating cryptocurrency as a valid payment option will enable these businesses to reach a broader array of potential customers.
Notably, Binance Pay users are also granted the convenience of topping up their prepaid mobile credits via the exchange app. Furthermore, they gain access to WordPress functionality, including the integration of the WooCommerce e-commerce plugin.
Cryptocurrency Developments and Regulatory Progress in Brazil
Of note, while regulatory uncertainties encircle the United States, Brazil has taken notable strides in advancing its cryptocurrency landscape. Recent legislative actions have seen Brazilian lawmakers endorse revisions to a cryptocurrency tax bill.
The proposed changes seek a uniform tax framework for crypto assets, regardless of their location. This shift is a departure from the earlier tax structure, which imposed lighter tax obligations on cryptocurrencies stored overseas compared to those within Brazilian exchanges.
Simultaneously, Brazil has been actively pursuing the development of its own central bank digital currency (CBDC). Binance also referenced a report by Chainalysis, a blockchain data firm, which positioned Brazil in the 7th spot globally for crypto adoption, as it shared this announcement.
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