Pro-crypto Brazil is in the news again as Latin America’s largest private lender, Itau Unibanco Holding SA, plans to facilitate the buying and selling of cryptocurrencies to its retail customers in the near future. Following this, the bank also announced a new token trading platform on Thursday.
According to ReutersItau’s digital assets chief executive, Vanessa Fernandes noted that the Bank is considering adding the function 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 be drawn to crypto trading services. Earlier this year, Brazil-based digital banking platform giant Nubank, announced an exclusive partnership with blockchain infrastructure platform Paxos. In light of the partnership, the bank has confirmed that it will offer cryptocurrency buying, holding and selling capabilities.
According to the announcement, the partnership aims to bring about 50 million Brazilians into the crypto ecosystem. Following the goal of creating a more inclusive and accessible financial system, Paxos’ blog emphasized that,
“By adding crypto, they have [Nubank] extending that promise by creating trusted access to this new system and fast-growing asset class. By leveraging Paxos infrastructure, Nubank ensures clients’ assets are protected by the world’s leading regulated digital asset trust.”
Paying Taxes with Crypto in Brazil
Rio De Janeiro, Brazil’s most populous city, also took a radically pro-crypto legislative decision because it announced to become the first Brazilian city to accept real estate tax (IPTU) payments in cryptocurrenciesas of 2023. However, the state administration has determined that they do not intend to hold a crypto wallet as all payments are immediately converted into 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.
“Now those who invest in cryptocurrency and live in the city of Rio can spend this property here to pay official taxes in the city of Rio. And we move on so quickly.”