Exchange Binance has unveiled the integration of the PIX system in Brazil through its encrypted currency platform, allowing users to make domestic currency payments (BRL) using digital assets, such as Bitcoin, in actual time.
According to the local media outlet, this means that People and companies around Brazil can be pushed by Binance users through PIXThe National Payment System.
Through this integration, those with a bank account can convert the encryption balance to BRL in instant instant transactions.
This is an important step towards combining traditional financial and digital assets into the largest economy in Latin America.
From Bitcoin to daily purchases
This service allows the Brazil users in Brazil to pay the price of a variety of common elements, such as grocery stores, gas, school fees and coffee, using the encrypted currency directly.
The transaction is automatically converting the specified encryption assets to Brazilian Real (1 real = 0.18 USD) at the time of payment, eliminating the need for pre -transfer or third -party services.
This step aims to facilitate the use of cryptocurrency in practical applications in the real world. By connecting the ecosystem for the Binance encryption to the infrastructure of national payments, the stock market hopes to increase the accreditation of digital currencies in the region.
“Integration is a simple and comprehensive way to make cryptocurrencies in daily use, from coffee bills to schools, from gas to grocery stores,” said Gilhiri Nassar, Regional Vice President, Latin America.
Strategic expansion in Latin America
The launch is a continuation of the Binance efforts to expand its foothold in Latin America, a region that is experiencing rapid growth in the encryption sector.
Brazil, above all, has become a targeted market due to its adult population, the current Fintech industry, and the friendly ecosystem for encryption.
The company stresses the comprehensive nature of this integration, describing it as an incentive for financial inclusion.
With PIX is adopted by more than 140 million Brazilian, this system with the Binance platform begins to facilitate access to the population’s digital currencies.
According to Richard Ting, Binance CEO, “This synergy enables users to actual and hassle -free transactions, enhancing the experience of cryptocurrency and the leadership of financial inclusion to new horizons,” Binance CEO, CEO of Binance,.
Organizational considerations are still unclear
Despite technological development, organizational clarity is still a continuous work.
The Brazilian Central Bank recommended the appointment of cryptocurrency exchanges for real operations such as foreign exchange operations.
If implemented, this classification will lead to the imposition of a tax on financial transactions (IOF), which applies to the exchange of traditional currency.
This possible tax scheme is currently undergoing public consultation, and no final decision has been taken. As a result, it is not clear whether consumers convert the cryptocurrency to the real Brazil for regular purchases may face additional taxes under the new classification.
Promote financial inclusion through innovation
Binance promotes as a basic step towards improving financial inclusion. They added that the merging of PIX with cryptocurrency payments will offer users to digital financing and break the technical barriers and transactions, regardless of the banking status.
This innovation can do wonders in a country where millions still suffer from a shortage of traditional banks.
The presence of encryption as a direct way to pay through a more used system such as PIX will create an intersection between digital assets and daily financial needs.
We look forward
Although the full importance of this step will depend on legal developments and the user’s absorption, the integration of the Binance Pix is a clear indication of the company’s desire to integrate the cryptocurrencies deeper into the daily financial life of the Brazilians.
Binance seeks to convert the digital currency from speculative origin into a useful tool for daily transactions by integrating a global exchange platform with a national payment system.
With the development of the legal framework, the success of this project can determine a precedent for other countries that look forward to integrating the cryptocurrency into its current financial institutions.
Currently, Benance believes that Brazil is a test of a test for the future of coded currency payments in the actual time.
Benance Post PIX Payments in Brazil can use encrypted currencies first on Invezz
