Cryptocurrency is being rapidly adopted in most countries of the world. Now there has been a big deal in Brazil for payment from cryptocurrency. Binance, one of the world’s largest Crypto Exchanges, has partnered with Brazil’s real-time payment system PIX. After this new integration, now binance customers can directly pay cryptocurrency to Brazilian Reais (BRL) and make immediate payment. In the deal between Binance Pay and Pix, the Brazil’s payment system has strengthened on one side, but may prove to be a milestone in carrying Cryptocurrency towards the mainstream payment option. Let us tell you that Binance with this deal is also in the news these days due to its legal disputes. Recent Binance stakes Arbitration in US court to avoid legal dispute Is.
What is PIX in Brazil and why is it special?
The PIX system was launched by the Central Bank of Brazil in 2020. Just as the UPI payment system works in India, similarly people make online payment under the PIX system in Brazil. PIX has become Brazil’s most popular Virtual Fee Machine in the last 5 years. PIX has more than 174 million users in Brazil and there are more than 6 billion transactions every month. About 76 percent of Brazilian population makes online payment under the PIX system, which is more than Debit Card and cash.
How to work binance pay pix integration
Through the Binance App, users can choose any of more than 100 cryptocurrency and can convert it into Brazilian currency BRL and pay any local businessman or person through PIX system. This entire process is completed in the Binance app itself and users do not need any additional 3rd birthday party software.
Regarding integration between Binance Pay and Pix Binance KEO Richard Teng said that it connects Brazil’s most trusted payment technology and our global crypto infrastructure. “
Why is the big step for Crypto Market?
The milestone of this deal is being considered in Crypto Market. In fact Brazil is already the sixth largest crypto market in the world. About 17 percent of the population here holds cryptocurrency. Binance survey also showed that 42 percent of investors adopt crypto just like stocks or mutual funds. Therefore, a deal between Binance Pay and PIX in such market is the best way to increase financial inclusion.
Conclusion
Binance pay pix integration has made it clear that now cryptocurrency is not only the medium of investment, but everyday life can be a crypto transaction. A Crypto Friendly Country like Brazil has become an example in the direction of how a country can combine its current Monetary Generation with a global crypto system.
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