According to a recent news report, TruBit, the Latin American cryptocurrency platform, has successfully integrated with Brazil’s most popular payment system, PIX, operated by the Central Bank of Brazil. This integration allows users to seamlessly convert between the Brazilian legal currency BRL and various cryptocurrencies, enabling them to easily buy and sell over a hundred digital currencies and utilize all platform products.
TruBit and Brazil PIX Payment System Forge Alliance for Increased Market Share
In Latin America, cryptocurrencies have garnered widespread interest beyond speculative purposes. Many countries in the region are considered significant technology adopters, viewing cryptocurrencies as a means to combat currency devaluation in inflation-prone areas or as a convenient vehicle for cross-border transactions.
Notably, President Lula da Silva’s recent decree has established the central bank as the essential regulatory authority for the cryptocurrency industry in the region, marking a milestone in financial regulation innovation.
By connecting with Brazil’s PIX payment system, TruBit has taken a strategic step in expanding its business in Latin America and ensuring compliance with legal deposits and withdrawals. This move becomes crucial as countries ramp up measures to safeguard users from the inherent risks of the cryptocurrency industry.
Brazil, being the largest country in South America, boasts PIX as its primary payment method, accounting for over 30% of digital transactions, surpassing credit cards and debit cards by 20% and 19%, respectively. Since 2021, the number of digital transactions per capita has grown significantly, with Pix rapidly gaining popularity due to its user-friendly and cost-effective features for individuals and companies compared to traditional card alternatives.
Moreover, TruBit has made substantial strides in Mexico, Argentina, Colombia, and other countries, solidifying its position as one of the most trusted and reputable brands in the Latin American cryptocurrency industry.