Brazilians can buy foreign currency with bitcoin.
A Brazilian company specializing in the exchange of currencies, announced that since Monday, May 6, began to receive bitcoins as a form of payment in operations to buy dollars and other foreign currencies. This is the company Europa Cambio, which disseminated the information through a communiqué collected by the local press.
Europe Cambio operates through an online platform and 25 physical headquarters in the main cities of Brazil, such as São Paulo, Rio de Janeiro, Espírito Santo, Federal District, Pernambuco, Paraíba and Alagoas. According to the report, initially transactions with bitcoin can only be made in the Rio de Janeiro office, and through online stores, with delivery of cash in the locations of the Greater São Paulo area. However, the company expects all its sites to be enabled for bitcoin transactions by the end of June.
According to the information, the exchange company is part of the B & T Corretora group, which also owns the BitBlue cryptocurrency exchange, which will serve as a bridge in transactions with Bitcoin. The founder of Europa Cambio, Túlio Ferreira dos Santos, declared that making a purchase transaction with bitcoin will take the user just three seconds. “The process is like a normal purchase, we have a card machine (point of sale) that processes the transaction,” dos Santos explained.
The businessman also noted that the purchase system is part of the regulations in force in Brazil. “Officially, every transaction with the exchange house is in real (local currency). It has no gray area of legislation, “the executive said.
Dos Santos explained that, once a transaction was initiated, the bitcoins are sent from the customer’s cryptocurrency portfolio to the Europe Change account in the associated cryptobolse. This in turn releases the corresponding amount in local currency in favor of the exchange agency. For his part, Paulo Víctor Pereira, director of operations of the company, stated that they will not charge additional fees for the new service.
The system used by Europa Cambio was qualified as a tropicalized version of the service offered by the US Bitpay payment processor. This service has become one of the most imposing payment solutions with cryptocurrencies globally. In 2018, despite the bear market, Bitpay reported that it processed around one billion dollars, for the second year in a row.
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