invezz.com
Bitcoin might soon be coming to Brazil, according to Brazillian news outlet, Seu Dinheiro. The news outlet interviewed Eduardo Abreu, the VP of new business at Visa, the world-renowned payment giant. According to Abreu, the company plans to integrate crypto Bitcoin (BTC/USD) into its Brazillian platform and offer payments, as well as a store of value.
The move was announced right after El Salvador accepted Bitcoin as legal tender, and it marks another example of South American countries becoming more open to crypto. Of course, Visa has likely been planning something like this for a lot longer, given that the CEO of its Brazillian branch, Fernando Teles, spoke of adopting tokenized payments as far back as in March of this year.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Back then, Teles also mentioned the application programming interface (API) that would close the gap between crypto and traditional finance. As for Abreu, he shared his thoughts on the Bitcoin situation, saying that greater adoption will depend on the integration of traditional banking activities within the crypto industry. That would allow users to make crypto and fiat transactions in the same environment, which would make it easier to understand and use crypto.
No details on when BTC might be adopted
Of course, Visa already offers around 180 currencies on its platform, with plans to leverage its 170 million global customer base. It will also look to establish and/or renew its fintech relationships with the local national banks, in order to maximize adoption.
Abreu did not mention any specific date or any other hint as to when Bitcoin adoption might be expected. But, given that he mentioned it at all might indicate that the move is only a few months away. At least, that is what the crypto community expects to see.
But, Abreu did point out that Bitcoin is easy to use, store, and manage, which is a great advantage of its adoption. He also hinted at potential crypto cashback, saying that Brazilians already have the culture of receiving card points, discounts, miles, and alike. So, there is no reason not to introduce the same features when it comes to their cryptocurrencies.