Mastercard, Mercado Libre to collaborate on bolstering crypto security in Brazil

admin June 9, 2022

0 1 minute read

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Payment technology company Mastercard has partnered with Latin American (LATAM) e-commerce company Mercado Libre to use Mastercard’s CipherTrace technology to improve the security and transparency of its encryption program in Brazil.

Mastercard acquired the crypto intelligence and analytics company CipherTrace in 2021. According to June 8, Mercado Libre will use CipherTrace to monitor, identify, and understand cryptographic risk. news release..

CipherTrace’s technology also helps e-commerce companies manage their regulatory and compliance requirements.

Ajay Bhalla, President of Cyber & Intelligence at Mastercard, advertised CipherTrace technology as follows:

Cryptocurrencies are very likely to change our daily experience. But all interactions and experiences need to be protected. Through a high degree of crypto intelligence, Mastercard’s CipherTrace technology enhances the security and transparency of the crypto ecosystem and brings confidence to these new payment flows.

Paula Arregui, Senior Vice President and COO of Mercado Pago, said the partnership is in line with the company’s goal of democratizing commerce and financial services.

Brazil continues to adopt crypto at an accelerated pace

This news comes as Brazil continues to warm up to cryptocurrencies. Brazilians have purchased $ 4.27 billion worth of cryptocurrencies over the past year, according to data from the country’s central bank. Bitcoin (BTC) was the most traded coin, especially after recording $ 65,000 in May 2021. With the highest trading volume this month, Brazilians bought $ 756 million worth of cryptocurrencies.

Due to the rapid adoption of cryptography in Brazil, the Brazilian Stock Exchange B3, publication We plan to launch BTC futures within the next 6 months.

Apart from the citizens, the Brazilian government is also considering approving cryptocurrencies. Earlier this year, the Senate Economic Committee (CAE) approved a project to regulate the rules of the Brazilian cryptocurrency market.

Parliamentarians are pushing for the implementation of House Bill 4401/21, which seeks to establish an agency to oversee the Brazilian crypto industry. The bill also exempts legal entities from taxes related to cryptographic processing, mining, and storage.