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Home » Itaú joins the Brazilian Cryptoeconomics Association. What does this mean for the industry?

Itaú joins the Brazilian Cryptoeconomics Association. What does this mean for the industry?

Important facts:
  • Four years ago, Itaú Unibanco was investigated for restricting cryptocurrency trading.

  • Now the bank believes in the potential of the Bitcoin ecosystem due to its “transformative” power.

Itaú Unibanco, one of the largest and oldest financial institutions in Brazil, has joined the Brazilian Association for Cryptoeconomics (ABCripto). And in doing so, he was the first and only member to come out of traditional banking and join the organization.

With the arrival of Itaú ABCripto now has 25 membersThese include the Brazilian subsidiaries of several Latin American cryptocurrency exchanges, such as Mexico’s Bitso and Argentina’s Ripio.

There are also other native Brazilian cryptocurrency exchanges such as Foxbit and Mercado Bitcoin. as long as MasterCard, which joined the group last Aprilrepresents one of the global companies that are among the members of the association.

ABCripto was founded in 2017 and as stated in its websiteemerged as “the result of a strategic collaboration between organizations and individuals working in the field of crypto-economy”.

your goal is promote dialogue with the authoritiesand carry out measures in favor of technological development and innovation.

“One of our main goals is join forces with new companies and institutions created to defend the interests of the end user and the community.”

Brazilian Association for Cryptoeconomics.

Itaú, a new ally for the Bitcoin ecosystem

ABCripto greeted Itaú Unibanco with a publication on Twitter, in which he described the integration of the bank into his group with “the important moment” that the digital assets sector is experiencing in Brazil. Also worth noting in this regard is the recent enactment of the country’s cryptocurrency law.

ABCripto welcomed Itaú to his group with a message on Twitter. Source: ABCripto/Twitter

The approval of a regulatory framework for the cryptocurrency ecosystem, first by Jair Bolsonaro’s government and then by Lula da Silva, strengthens the digital asset industryas add to ABCrypto.

In fact, Itaú’s joining as a new member of the association is a sign that the bitcoin industry is getting stronger and making strides.

This is understandable after looking back on the past and noting that Itaú was among the banks under investigation by the Economic Defense Board in 2019. by introducing restrictions on cryptocurrency transactions, as reported by CriptoNoticias at the time.

For a long time and due to the lack of regulation of the cryptocurrency market, it was released in Brazil a conflict between financial institutions and crypto asset exchanges.

At the time, there was talk of the importance of improving the relationship between banks and cryptocurrency exchanges so that the ecosystem could develop in a more peaceful environment.

Now, as a member of ABCripto, Itaú shows that the step has been taken to allow traditional finance and the cryptocurrency industry to coexist and interact.

Itaú also proves this recognizes cryptocurrency companies as an important part of the country’s economy. And in this environment, everyone can add value through crypto assets in an integrated way.

A bank that understands the “transformational” power of the bitcoin industry

Five years ago, the Brazilian Supreme Court (STJ) ruled that the unilateral closure of Mercado bitcoin bank accounts at Itaú Unibanco did not constitute an abuse of rights as it complied with banking regulations.

At the time, Mercado Bitcoin, the exchange with accounts in Itaú, claimed this The closure of these factories had a negative impact on the development of their economic activityand that the bank’s attitude was an attack on free competition.

However, Itaú Unibanco has radically changed its position, as you can read here a statement Guto Antunes, head of the financial institution’s newly created digital assets division.

“Itaú believes in the potential of the crypto economy as a transformative player in the global financial market and we recognize the importance of participating in this ecosystem. By partnering with ABCripto, we bring the bank in direct contact with the main players and specialists in the sector, which allows us to share experiences and actively contribute to the development and regulation of the cryptocurrency market in Brazil.”

Guto Antunes, Head of Itaú Digital Assets.

For his part, Bernardo Srur, president of ABCripto, said that “the Itaú will bring attributes that define its brand in the market, such as comprehensive knowledge, technology and innovation. He also believes that the bank’s integration into the association is relevant because “it will provide new investment and development opportunities while promoting innovation and financial inclusion”.

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