Brazilian central bank has awarded Mercado Bitcoin, the nation’s largest cryptocurrency exchange, a license to operate as a payment institution, which is a significant move for the country’s cryptocurrency business. The approval is a key step in the exchange’s corporate expansion goals. It enables it to function as an issuer of electronic money.
📢🇧🇷 Brazil’s largest #Bitcoin and crypto exchange has been licensed as a payment institution by the country’s central bank. 💥
— Walletor (@walletorapp) June 3, 2023
With this new license, Mercado Bitcoin aims to offer clients a beneficial financial experience. It combines cryptocurrency with conventional financial services.
“The central bank’s approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our customers” CEO Robert Dagnoni.
Mercado Bitcoin now operates MB Pay, a digital account that enables over four million users to purchase cryptocurrencies and invest in various asset classes, including digital fixed income. An upcoming crypto payment card is expected to be released in the coming months. The exchange plans to expand its financial services after establishing this foundation.
The Brazilian central bank’s approval of Mercado Bitcoin as a payment institution demonstrates the growing acceptance and acknowledgment of cryptocurrencies in the nation’s financial system. This decision establishes Mercado Bitcoin as a major player in the Brazilian market. It enables clients to seamlessly use both cryptocurrency and traditional banking solutions. This integration aligns with the evolving crypto industry.
The recent granting of a license to Mercado Bitcoin as a payment institution marks a significant milestone. It paves the way for a more inclusive and integrated financial ecosystem in Brazil. Cryptocurrencies are gaining prominence, contributing to the country’s economic environment.