Brazil’s Biggest Bank To Provide Crypto Trading Services

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Brazil’s Senate Announces the Approval of Bitcoin and Crypto Law
Source: NewsBTC

Pro-crypto Brazil is back in the news as Latin America’s largest private lender, Itau Unibanco Holding SA plans to facilitate buying and selling of cryptocurrencies to its retail clients in the near future. Following this, on Thursday, the bank also announced a new token trading platform.

According to Reuters, 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.

Nubank Starts Crypto Trading

Itau will not be the first bank in the region to gravitate toward crypto trading services. Earlier this year, the Brazil-based digital banking platform giant, Nubank, announced an exclusive partnership with blockchain infrastructure platform Paxos. In light of the partnership, the bank confirmed to offer cryptocurrency buying, holding, and selling capabilities. 

According to the announcement, the collaboration targets to bring about 50 million Brazilians into the crypto ecosystem. Following its goal to create a more inclusive and accessible financial system, Paxos’ blog emphasized that,

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

Pay Taxes Using Crypto In Brazil

Brazil’s most populous city, Rio De Janeiro also took a radically pro-crypto legislative decision as it announced to become the first Brazilian city to accept property tax (IPTU) payments in crypto, starting in 2023. However, the state administration ascertained that they do not plan of 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 recognize 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.”