A partnership between Mastercard and the Latin American (LATAM) e-commerce giant Mercado Libre will use Mastercard’s CipherTrace technology to enhance the security and transparency of its crypto program in Brazil.
As of 2021, Mastercard has purchased crypto intelligence and analytics business CipherTrace. According to a press statement dated June 8, Mercado Libre will employ CipherTrace to monitor, analyze, and comprehend cryptographic issues.
As an added benefit, the technology provided by CipherTrace would assist the e-commerce firm in meeting regulatory and compliance obligations.
CIO of Mastercard, Ajay Bhalla, spoke highly of the CipherTrace technology and said that the potential for cryptocurrencies to transform our daily lives is enormous. A safe space must be provided for every encounter.
Cryptocurrencies are becoming more secure and transparent thanks to Mastercard’s CipherTrace technology which uses powerful crypto intelligence.
SVP and COO Paula Arregui said the relationship is in line with the company’s mission of democratizing commerce and financial services. “
News of this development comes as Brazil continues to warm up to the concept of digital currency. According to statistics from Brazil’s central bank, the country’s citizens spent $4.27 billion on digital currency in 2017. After hitting $65,000 in May 2021, Bitcoin (BTC) became the most popular cryptocurrency. Brazilians bought $756 million worth of cryptocurrency this month, setting a new record for the trading volume.
Brazil’s stock exchange, B3, has announced intentions to issue BTC futures over the next six months as a result of the country’s fast adoption of cryptos.
The Brazilian government is also interested in recognizing cryptocurrencies, in addition to their use by Brazilian individuals. An initiative to set laws for the country’s cryptocurrency sector was recently given Senate approval by the Economic Affairs Commission (CAE).
House Bill 4401/21, which calls for the establishment of an agency to supervise Brazil’s crypto economy, is being pushed by lawmakers. Taxes on the processing, mining and conservation of cryptos are excluded under the legislation.