The Binance Card will allow Brazilians to make purchases in Crypto, with ongoing conversion from 14 Crypto assets to Fiat at the retail location.
Visa Giant Mastercard has teamed up with the world’s biggest Crypto Exchange to launch another prepaid Crypto Card in Latin America.
On Jan.The card was launched in Brazil.The new card is issued by Dock, a payment institution that is regulated by the central bank of Brazil. New and existing users will be able to use the new card to make purchases and pay bills.
The card is currently in a testing phase and will be widely accessible before long. Brazil is the second country where the product has been launched. According to the declaration, Brazil is among the top 10 markets for Binance globally.
In a public statement Guilherme Nazar, Binance Brazil’s general manager, said that the card is a “significant stage in encouraging wider Crypto use and global adoption,” adding:
Payments is perhaps the earliest and most clear use case for the digital currency, yet adoption has a lot of space to develop.
The card will allow ongoing conversion from 14 Crypto assets to fiat at the retail location. Perks include up to 8% cash back in Crypto on qualified purchases and no fees on some ATM withdrawals.
According to Mastercard’s 2022 New Payments Index, Brazil leads the global average for Crypto use and Adoption. In the Global overview of in excess of 35,000 respondents, it found that 49% of Brazilians have made at least one Crypto-related transaction in the past year, compared to the global average of 41%.
In December, outgoing President Jair Bolsonaro marked a bill to legalize the use of Cryptocurrency as a payment method inside the country.
The new legislation has not made Bitcoin legal tender, as in El Salvador, however it includes numerous digital assets under the meaning of legal payment methods. A licensing regime for virtual asset service providers was also settled.