The country’s users of the cryptocurrency exchange will have access to specific digital banking services through the new fintech company MB Pay as a payment institution.
The Brazilian central bank granted Mercado Bitcoin, a well-known cryptocurrency exchange, a license as a payment service on June 2nd. This license enables the business to launch MB Pay, its fintech service.
The CEO of 2TM, the organization that owns Mercado Bitcoin, Roberto Dagnoni, emphasized the importance of the central bank’s permission by claiming that it enables the exchange to grow its business and improve customer support.
The introduction of MB Pay will enable Mercado Bitcoin to provide Brazilian users with a range of digital banking services utilizing cryptoassets stored on the exchange. These services might involve staking, investing in digital fixed income, and other money-related activities.
The exchange also intends to launch a debit card that would give consumers a crypto off-ramp, enabling them to quickly change cryptocurrency into conventional money.
The Central Bank of Brazil has been cautious about cryptocurrencies in the past, but it has recently signaled a more open attitude towards the technology.
In April, the Central Bank of Brazil announced that it would be launching a pilot program to test the use of cryptocurrencies for payments.
The Mercado Bitcoin license is a further sign that the Central Bank of Brazil is open to the idea of using cryptocurrencies for payments. It is likely that other cryptocurrency exchanges in Brazil will seek to obtain similar licenses in the near future.
As more and more regulators come to see the potential benefits of cryptocurrencies, we can expect to see more and more countries licensing cryptocurrency exchanges and other businesses that deal with cryptocurrencies.