Topic: Visa reportedly aims to integrate Bitcoin payments in Brazil (Read 248 times)

I agree with Hydrogen, the new alt-right has a libertarian component built in and it would not be strange to see crypto friendly legislation and initiatives. Previous projects trying to integrate cryptopayments have failed mainly because VISA and other, by means of their partners have pretty much stopped in its tracks anything that did not have a very clear KYC and anti-laundering. Let's see how this goes in Brazil.

It seems that larger banking institutions that discover the harsh truth of bitcoin always being superior to fiat made Visa cower and give in. Well honestly this is a good move not only for the people who invest in cryptocurrencies but for banking institutions as well. This could give them an avenue to earn more money basically but something that wouldn't allow them to exploit the common people, which is of course bitcoin. So basically what's happening right here is the fact that they are hoping to create a difference in the banking world by being one of the institutions who are much more friendly towards cryptocurrencies, compared to their peers who interact with bitcoin and cryptocurrencies with tooth-and-nail. As you have mentioned, the fact that Brazil has a history of alternative modes of payment, this will work well in their favor altogether.

I wonder why Visa supports Bitcoin. There was an interesting article on Bloomberg a few days ago about how Western Union could lose up to 400 million in revenue, just from El Salvador, if future money will no longer be transferred from abroad to El Salvador via WU. Visa or Mastercard are not as affected by this, but fundamentally Bitcoin is gnawing away at the business model of these providers. The question is, is this a flight to the future or do they have other plans/intentions.

It's to be expected really and shows that these credit card companies want to get ahead of the game. Essentially cryptocurrency is a direct competitor to their services, so it makes sense for them to capture as much of the transaction activity as possible. Paypal were the first movers in this respect, they want people to buy cryptocurrency through their platform - so they can keep all the payment transactions in-house while still charging a transaction fee to move it between accounts. It also allows them to build up long term control over Bitcoin because all their users will have the currency stored in wallets under Paypal's absolute control. It looks like Visa just woke up to that fact and wants it's slice of the pie.

Brazilians already have a culture of receiving card points, miles, discounts. And accept cryptocurrency with their credit card too.
Visa is no stranger to making headlines in the cryptocurrency space. In an attempt to portray its pioneering status as an intermediary for traditional and modern financial culture, Visa last month purchased its CryptoPunk NFT avatar for 50 ETH ($150,000 at the time of sale).

1. Like I said, this is going to be the effect:
2. Visa is a global company accepted at over 200 countries, it will indeed extend to many other countries if there is good will from the regulators of each territory.

3. Profit and influence.

To be honest, I believe it's excellent news. Hopefully, they will be able to achieve this level of integration in other nations where they operate, because doing so in only one country is ridiculous.

From my perspective;
1. There would definitely be an impact. Visa has over a billion users and their integration of Bitcoin would expose the currency to those customers, who could in turn adopt Bitcoin.
2. This would depend on how receptive the country is to Bitcoin.
3. Possibly to tap into an emerging markets with great potential for growth. Bitcoin is a fast growing network and different cooperations are already looking to get affiliated with it, before it gets late.

1. If visa partner with Bitcoin is any effect?
2. this visa of a thing will it be applicable or extend to another country
3. What is the main aim of Visa coming closer to bitcoin

Visa is already in partnership with so many crypto exchanges which offer credit cards featuring cashback in bitcoin, that these news are not a surprise for me. With the wide increasement in bitcoin's adoption this year by institutional investors, Visa must have seen this adoption as an opportunity to stay relevant in financial world for long years to come yet.

Not much will change anyway, because these exchanges already do the biggest part of the job. But what it's probably going to change is that we will be finally able to pay with bitcoin, converting btc into fiat on the moment of the purchase by Visa, not being necessary anymore to exchange bitcoin into fiat first in order to use the money next.

It's a bit ironic that they are willing to integrate BTC at this stage.

I personally believe that it's mostly for the hype value more than anything else - I highly doubt that they are actually willing to adopt decentralized blockchain technology over the long run.

Don't forget that these people are precisely what BTC aims to replace.

Great developments are coming right now, and with visa integration as Bitcoin payment is our way of emerging between fiat and digital currency. At first it sounds impossible and now it came to reality, in which cashless type of transaction was mostly used around the world as it speeds up payment and other online purchases related to cryptocurrency.

Visa is a great outfit and anything it gets involved in gets bigger publicity. I expect this to work and it is a big step for the mass adoption we have be asking for. Recently bitcoin has been having positive news and I hope this continues to come its way. The El Salvador news is driving countries and big outfits that did not consider bitcoin before to start considering it as alternative in payment. The more people get to use bitcoin the better it will get for bitcoin.

I'm not sure you can categorize entire countries as left-wing or right-wing as Hydrogen has done (though I confess I'm pretty ignorant as to the political leanings of Brazil, El Salvador, and other South American countries).  And while FL and TX are generally right-wing, I disagree that political decisions are "religiously fueled".  There might be remnants of religion in the politics of southern states, but it's nothing like it used to be.

Anyway, as far as Visa's move here: I don't expect it to be a success at all.  Bitcoiners in that country aren't likely to want to spend their bitcoin any more than those in other countries.  And those citizens who don't own bitcoin sure as hell aren't going to go out of their way to acquire it in order to spend it.  It's the same issue bitcoin has had ever since 2009--it's a solution for a problem that doesn't exist (yet).

have you taken notice about the fees involved when you use their exchange? is it at least competitive with the general rates in the market? because if it is, that would really be a promising prospect for crypto users living nearby.
and if they are indeed successful, more then likely other neigbouring countries will follow thru.
right now, a lot of BTC holders are treating it as investments and not for their daily expenditures.

This news makes me very happy because it is my neighboring country of Brazil. Who knows if I ever move there. Well, I have not contemplated it yet, it is just a feeling of appreciation for being a crypto-friendly country.

I have read about it and those who are linking the alliance say that Brazil has experience in micropayments through the bank they call Pix
The type of transaction is very effective, I checked it a month ago, I asked to make a transfer at an exchange house and they used this method. I exchanged usdt with the exchange house to deposit Brazilian real (reais).
The exchange was a success!

From what I see, Brazil, once the Visa modality comes into effect, will be successful.

I'll take "left wing" regulation over the arbitrary legal hellholes like the Brazil Bolsonaro wants to create every or the religiously fueled insanity in Florida or Texas day of the week if that's the trade off you're trying to offer with this post.  You can really feel the desperation in this post to make this a left vs. right divide though with how far you're reaching.  Is a lying, pandemic denying politicians like Bolsonaro now one of your great heros because he's too busy undermining democracy to regulate crypto?  Cuz he's not exactly a useful advocate to those of us in the civilized world.

Visa is looking positive to such collaboration and this is an advantage to the Brazilian economy. Few months back when PayPal announced the inclusion of four cryptocurrency including bitcoin and etheruem also visa tried coming up with some kind of leverage with bitcoin , now this partnership is a step that will further increase the market cap for visa .

The truth does not surprise me, because I had the opportunity to visit BRAZIL and I was able to realize that its economy is very much based on long-term credit systems, that is, all the good life can be done there if you have the ability to pay monthly when you charge the fee, if I do not remember more I know that the US economy is managed under the same scheme, if VISA manages to integrate BTC to be able to offer it to the same credit system, it would not only be one of the platforms that join this economy, but They would be making a lot of progress in the future, in fact PayPal has that option and it is doing very well, Brazil is for me the most advanced country in South America, it would be good if they established it to be the example country.

They will probably go to that point someday, probably it's just that their Brazilian market is just so big that they have to make something there to increase their profit and here we are, they're integrating bitcoin in their systems.

I saw the news yesterday and I really thought it was great. What makes me wonder about this is the tax issue. I don't know the fiscal regulation in Brazil, but if this becomes generalized, it will be a hassle to declare each payment for capital gains tax, or hopefully there will be programs that do it automatically, but if so, the countries' treasuries will also have to develop programs that check automatically, I don't see treasury officials checking thousands and thousands of transactions between $0.50 and $100.


Theoretically, political right-wingers should have an economic conception in the style of the Austrian School, which advocated the gold standard, and today it would be the Bitcoin. I am not surprised by what you say then. The thing is that in recent decades, some political right-wingers have also taken a liking to massively print fiat money.

If the trend you say consolidates, in the end we are going to see Bitcoin being accused of being sexist, racist, oppressive, etc. Lol.

That's a good news to be honest and it's Brazil that they're doing this so I don't think that it's a big deal for the crypto community. Hopefully, they will be able to make this kind of integration in other countries that they're also operating in because that's just stupid if you're doing it in only one country.

If Bolsanaro is associated with this move. Brazil would be the latest "right wing" state to embrace bitcoin and cryptocurrencies. After "right wing" texas and florida. It is possible el salvador's leadership is also right wing leaning which could be part of the motive behind recently passed crypto mass adoption. I don't know enough about el salvador's political climate to say exactly what is happening there.

If such is the case, we could be witnessing a pattern where left wing china and its left wing banker allies oppose bitcoin and cryptocurrencies in places like nigeria where central banks moved to ban crypto. Left wing leaning states like new york and california are also known to be very unfriendly towards crypto with new york having outright banned stablecoins like tether and imposing strict anti crypto regulation in place.

While the right wing does the opposite by supporting and embracing bitcoin and cryptocurrencies. As seen by florida, texas and now brazil. All of which are heavily attacked by left wing media for various reasons.

That could be one of the most important emerging trends as far as cryptocurrencies go in 2021.

Let's take a look at the latest development in Seu Dinheiro by payment giant visa, disclosed that it has start accepting crypto for it's payment especially the most commonly and acceptable crypto (Bitcoin) and to be used also as a store of assets, isn't it going to be too late for new investors and partnerships who would have join the emerging trend with crypto than later in future?

In a recent interview with Brazilian news outlet Seu Dinheiro, Eduardo Abreu, vice president of new business at payments giant Visa, revealed the comany’s intentions to integrate crypto assets onto its platform for both payments and as a store of value, including the leading cryptocurrency, Bitcoin (BTC).

Back in March 2021, Visa’s CEO of Brazil, Fernando Teles, introduced the concept of adopting tokenized payments, as well as an application programming interface, or API, designed to bridge the gap between traditional financial institutions and crypto services.

In the interview, Abreu shared his belief that greater adoption will require the integration of traditional banking activity within the cryptocurrency ecosystem so that customers can transact with fiat and crypto within the same environment.

Visa already offers 180 currencies on its platform and will look to leverage its 170 million global customer base and established fintech relationships with national banks Alterbank, Ripio and Zro in maximizing adoption in the region.

There was no specific announcement as to the date of the launch, but it is widely expected in the coming months.

“The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin,” said Abreu.

Alongside this service, Abreu also suggested the possibility of customers receiving cashback in crypto:

“Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”
Visa is no stranger to making headlines in the cryptocurrency space.
https://cointelegraph.com/news/visa-reportedly-aims-to-integrate-bitcoin-payments-in-brazil/amp