Leading crypto exchange Binance and credit card giant Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam.The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.Brazil Receives Binance Prepaid Card Binance, a leading cryptocurrency exchange by volume traded, announced on Jan.30 the launch of its Binance card in brazil, a product that will allow crypto users to make payments in crypto to legacy merchants.The card, which is backed by Mastercard, will enable registered customers of the exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including on-the-fly conversions to the Brazilian real.The release of this product comes as no surprise to some, as Matthew Shroder, global vice president and regional director at Binance, had stated in September that Brazil was one of the top upcoming markets for the launch of a prepaid card in Latam.Payments made with fiat currency using the prepaid card will be fee-free.
However, payments involving crypto-to-fiat conversions will have a 0.9% fee.Also, the card features 8% cashback in crypto that applies to eligible purchases.This move is part of the efforts that the exchange is making to expand its footprint in Latam.Brazil is the second market in which the instrument will be launched.Binance launched a similar product in Argentina first, in August last year.
Bringing Crypto and Payments Closer For Binance, there is room for crypto to keep growing in the payments area, and being Brazil is one of the biggest payments hubs on the continent, the interest in bringing these services to the country is clear.About the goals that Binance wants to achieve, Guilherme Nazar, general manager at Binance for Brazil, stated: Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.
We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.Nazar explained that Brazil was one of the most relevant markets for the exchange in the area, and that the company will keep investing in bringing new services and contributing to the adoption of blockchain and crypto in the country.Binance hopes to expand this product to more markets but did not make specific announcements on this matter.Tags in this story What do you think about the launch of the Binance card in Brazil? Tell us in the comments section below.Sergio Goschenko Sergio is a cryptocurrency journalist based in Venezuela.He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017.Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, yanishevska / Shutterstock.com Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Argentina Argentine Peso Loses Almost 12% Against The Greenback During January; Inflation Projected To Rise Sharply The Argentine peso has fallen consistently against the U.S.dollar this month, losing almost 12% since Jan.1.
The behavior of the exchange rate for the informal “blue” dollar keeps bringing concerns about a possible escalade in inflation rates, that are predicted to reach almost 100% this year, similar to the rates registered in 2022.Argentine Peso Keeps Falling Argentina is currently submerged in a devaluation scenario that has the possibility of causing an escalation in prices this year.The value of the Argentine peso against the U.S.dollar has fallen by almost 12%, reaching a record-high rate of 386 pesos per dollar on Jan.
27 in its ‘blue‘ variation.The exchange rate has been constantly rising since December, when it reached 356 pesos per dollar, breaking a record low for the peso at that time.The government has made movements to maintain its stability, injecting dollars to satisfy the demand of registered importers into the market and announcing a purchase operation of more than $1 billion of its own external debt.However, this seems to have achieved just the opposite, and now local analysts are worried about the balance of the country’s reserves after this disbursement, which would affect the capabilities of the central bank.María Castiglioni Cotter, head of an economic counseling firm, criticized the measure, stating that it has no sense while the country is facing a budget deficit.Inflation and the Coming Crises This continued fall in the value of the Argentine peso is already affecting the prices that citizens have to pay for goods and services, even when the government has applied a series of measures to limit the price rise of several products.Calculations made by private firms predict an inflation rate of more than 5% in January, a high number when compared with countries like Brazil, which is projected to register a rise of less than half a point.Salvador Di Stefano, another local analyst, believes that the debt purchase operation might accentuate the problems the state is currently facing.
Di Stefano stated that this might affect the amount of foreign currency available for imports, causing the economy to slow down even more.According to him, the dollar will keep falling as the government tries to inject dollars to stop the depreciation of the peso, a similar strategy that president Macri used back in 2018.Also, public spending would accentuate this devaluation, as the government is expected to ramp it up due to the proximity of the elections.Private analysts expect Argentine inflation to reach over 95% this year.
Tags in this story What do you think about the Argentine peso devaluation and its effect on inflation rates? Tell us in the comments section below.Sergio Goschenko Sergio is a cryptocurrency journalist based in Venezuela.He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017.Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Brazil and Argentina are looking to begin work on the issuance of a common currency.Sergio Massa, minister of the economy of Argentina, also stated that the two countries will be inviting other nations in the area to join this economic integration project in the future.
Brazil and Argentina to Spearhead Common Currency Issuance Project Ministries of Brazil and Argentina will be discussing the first steps to issue a common bilateral currency.According to statements given by the minister of the economy of Argentina, Sergio Massa, representatives of both countries will be discussing this subject at the CELAC summit in Buenos Aires on Jan.
24.Massa told Financial Times that the discussion would revolve around initial considerations for the issuance of the coin that would be called “sur,” Spanish for south.Massa stated: There will be … a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks.Massa warned this kind of project would take time to come to fruition, mentioning the Euro as an example, which was in the making for 35 years before being finally adopted in the European Union.
He explained: I don’t want to create any false expectations … it’s the first step on a long road which Latam must travel.An Invitation for Latam While the currency would be first studied and designed to be a bilateral endeavor, the project could be extended to include more nations in Latam in the long run.“It is Argentina and Brazil inviting the rest of the region,” Massa explained.The project of a common currency for Latam has been gaining some steam during the last year.
President of Brazil Luis Inacio Lula Da Silva had referred to this development before as part of his presidential campaign.At a party rally in May, Lula Da Silva declared his intention of participating in the creation of this common currency project, adding that the objective would be to decrease the dependence of Latam countries on the U.S.dollar.In November, Nicolas Maduro, president of Venezuela, gave his support to the idea, stating that it would be “extraordinary.” He also called for the inclusion of cryptocurrencies as part of the monetary system of the 21st century.
Tags in this story Argentina, Brazil, common currency, Euro, financial times, latam, luis inacio lula da silva, Nicolas Maduro, Sergio Massa, Sur, U.S.dollar What do you think about the issuance of a common currency in Latam? Tell us in the comments section below.Sergio Goschenko Sergio is a cryptocurrency journalist based in Venezuela.He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017.
Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Angela Negri Argentine Senate Mulls Crypto Advertisement Regulation The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations promote crypto.The objective of the project, which is still under discussion, would be to educate consumers on the dangers of investing in crypto and also to protect them from investing in crypto Ponzi schemes.Argentine Senate Gets Into Crypto Advertisement Regulation More and more countries are taking action to avoid the diffusion of cryptocurrency scams through advertising channels.
Argentina, one of the countries in Latam where cryptocurrency adoption has been growing, has begun to mull the establishment of crypto-related advertisement laws.The discussion, which is being promoted by Senator Eduardo Andrada and others, would put its focus on educating potential users of cryptocurrency about the particularities of these assets.In the same way, another of the objectives of this potential project would be to protect investors from falling into fake and Ponzi-based crypto schemes.The meeting, which saw the presence of Sebastian Negri and Martín Breinlinger, members of the Argentine Securities Commission, presented several cryptocurrency schemes that had promotion and advertising through different media.One of the ideas presented proposed that any crypto-related publicity would have to include slogans explaining the risks that such investments carry.
Divided Opinions Senators and other assistants had different views regarding the proposed project.Negri explained the benefits that the approval of such a law would bring to potential investors.He stated: With the rise of Bitcoin from 10,000 to 69,000 dollars, what they did was promise people that the profitability that occurred the previous year was going to be repeated for those who entered now.
That is false advertising.One cannot promise guaranteed profits.
That’s a basic rule, but it was happening.Furthermore, Negri stated that traditional financial institutions, such as banks, were not able to do so, but crypto can because of the low regulation of the ecosystem in the country.However, Senator Angela Negri expressed her disapproval of the idea of regulating crypto advertising, stating that this could cause the Senate to get caught up in other crypto-related issues.I don’t like this project.I don’t like regulations and I don’t really understand how to regulate something that isn’t regulated.It sounds to me that it is a first step towards a regulation.
Other countries have already established regulations around this subject.In January, Spain established its own rules to control crypto publicity, targeting influencers first.In the same way, the U.K.announced in July it would increase its vigilance over misleading crypto campaigns.Tags in this story What do you think about the Argentine senate’s proposal to regulate crypto advertisements? Tell us in the comments section below.Sergio Goschenko Sergio is a cryptocurrency journalist based in Venezuela.He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017.Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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