Brazil Welcomes Cryptocurrency as Latin America’s Leading Bank Offers Crypto Trading Services

Cryptocurrency adoption is on the verge of expanding in parts of Latin America after Itau Unibanco Holdings SA, the largest private lender, announced its plans to facilitate crypto trading to its clients in the future. Following this, the bank reported a new token trading platform on Thursday.

Itau’s digital assets chief executive, Vanessa Fernandes, noted that the bank is considering adding the feature of crypto trading. However, she did not specify the timeline for the launch of this platform.

Itua Joins Nubank in Crypto Trading

Itau joins Nubank in the region in providing crypto trading services after the Brazil-based digital banking protocol announced a partnership with Paxos, a blockchain infrastructure platform, earlier this year.

The partnership will allow the bank to offer cryptocurrency buying, holding, and selling capabilities.

According to the announcement, the collaboration’s vision is to drive adoption by bringing about 50 million Brazilians into the crypto ecosystem. Following its goal to create a more inclusive and accessible financial system, Paxos’ blog emphasised that,

“By adding crypto, they [Nubank] expand on that promise by creating trusted access to this new system and fast-growing asset class. Furthermore, by leveraging Paxos infrastructure, Nubank ensures customer assets are safeguarded by the leading regulated Trust for digital assets globally”.

Brazilian Citizens Can Pay Taxes Using Crypto

Rio De Janeiro, the most populous city in Brazil, became the first Brazilian city to accept property tax in crypto, starting in 2023. However, the state administration ascertained that they do not plan on holding a crypto portfolio since all payments will be immediately converted to Brazilian reais.

“Our effort here is to make it clear that in the city of Rio, we have official initiatives that recognise this market,” Rio de Janeiro Mayor Eduardo Paes said in a statement, adding,

“Now those who invest in cryptocurrency and live in the city of Rio will be able to spend this asset here paying official tax in the city of Rio. And we’re going to move on this fast.”

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.