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Home Cryptocurrency news Bitcoin

Brazil’s Shutdown of WhatsApp Pay May Spark Big Demand For Bitcoin as Currency

Tony Spilotro by Tony Spilotro
10 months ago
in Bitcoin
Reading Time: 2min read
bitcoin brazil whatsapp
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Bitcoin may see a major boost in demand following Brazil’s Central Bank blocking payments from the WhatsApp messenger app in the country.

Brazil is the app’s second-largest market, leaving a massive hole that could soon be filled by cryptocurrencies.

Central Bank Of Brazil Suspends Facebook’s WhatsApp Payment Feature

In a move to “preserve an adequate competitive environment,” the Central Bank of Brazil has suspended the payment feature on WhatsApp in the country.

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WhatsApp is a popular chat application offered by Facebook, Inc. with built-in payment functionality. This functionality is now hindered in the country due to an abrupt decision made by the Central Bank.

As part of the move, authorities asked Mastercard and Visa to immediately cease approving transactions made through the application.

Related Reading | Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption 

Facebook’s rollout of WhatsApp in Brazil has barely lasted a month before the banking authority pulled the plug.

The sudden surprising suspension will allow the Central Bank to consider any risk to the country’s own payment system.

The Central Bank claims the “irreparable damage” could be done to the existing system” if WhatsApp is allowed to proceed without regulatory approval first.

The Central Bank says its especially concerned with “competition, efficiency and data privacy.”

Brazil appears keen to prevent Facebook Inc. from stealing the thunder of its own PIX payments system. The country says it will be rolled out by November 2020.

Brazilian Citizens To Turn Toward Bitcoin and Other Cryptocurrencies

Due to the sheer size of the population and the lack of access to traditional banking infrastructure, Brazil was already WhatsApp’s second-largest market. Over 120 million users from the region are using the app.

Leaving citizens of Brazil without a digital payment option during a pandemic while cases are growing is dangerous.

It also may push more users in the country to embrace Bitcoin and other cryptocurrencies.

Related Reading | Latin America: Surging Growth in Digital Payments May Be Boosting Bitcoin

Since the outbreak first began, VISA reported an explosion in first-time digital payments. But for those without credit or debit cards, such as mom-and-pop shops that relied on WhatsApp, another option is needed.

Source: CoinDance

Bitcoin is already replacing traditional banking services in some areas of Latin America. LocalBitcoin data from the country also points to the growing acceptance of the first-ever cryptocurrency.

With such a large hole left behind from the Central Bank suspending WhatsApp, and with PIX not ready until the end of the year, will more Brazilians turn towards Bitcoin?

Tags: bitcoinbrazilbtcbtcusdBTCUSDTCentral BankfacebookWhatsAppxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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