Amidst different speculations and regulatory challenges faced by digital currencies, undoubtedly, they remain the most viable tool for monetary transactions at the moment, which is what crypto companies are actively working to convey.
Countries in Latin American are set to experience an increase in financial inclusion as well as digital currency adoption following a new partnership between MakerDAO, the creator of the world’s first Ethereum-based decentralized stablecoin, Dai, and Pundi X.
According to a recent blog post, both companies partnered to enable merchants in the region to accept payments in digital currencies as well as to sell them through a project dubbed Crypto Merchant program. This is an important event for businesses looking to handle crypto payments.
Starting with the Brazilian market, the program is also available for Latin American countries, such as Venezuela, Argentina, and Colombia. The primary objective is to encourage the use of Dai and other digital currencies by merchants, which eventually results in more adoption of cryptocurrency.
The Brazilian ought to have a valid CNPJ (an identification number offered to companies in the country by the Department of Federal Revenue of Brazil), as the selection process requires the verification of business information, including photos of the establishment.
Crypto Adoption in Latin America
Upon successful verification and approval, merchants will be offered a free, XPOS® device, a blockchain-powered point of sale mobile terminal, which will enable them to accept Bitcoin, Ether, Dai, NPXS, and other digital currencies.
Meanwhile, the merchant has to deposit at least $100.00, which is required to enable digital currency sale transactions. However, these cryptocurrency merchants will be able to earn about 2% commission on transactions with digital currency, per the report.
As of December last year, Binance exchange revealed a new gateway that will enable people in Latin America, including Brazil and Argentina, to purchase and sell digital currencies like Bitcoin, Ether, Binance Coin, etc., with their local fiat currency, Cryptoknowmics reported.