Cryptocurrency will be available in 24,000 ATMs in Brazil

Tether (USDT), the developer of the most popular stablecoin, has announced that starting November 3, 2022, USDT will be available at 24,000 ATMs in Brazil. This is thanks to Tether’s cooperation with cryptocurrency service provider SmartPay, which is integrating USDT into its system.

From now on, millions of Brazilians will have access to using stablecoins in their everyday lives without having to put much effort into it. To convert Brazilian real to USDT (and vice versa), it will be enough to use an ATM.

«The addition of Tether tokens to ATMs across Brazil provides an opportunity to attract more people to the cryptocurrency market. This will lead to major changes not only in the payment industry but also in the entire Brazilian financial ecosystem,» said Paolo Ardoino, CTO of Tether.

This is not the only cryptocurrency initiative to be implemented in Brazil. In early October, it became known that the authorities of Rio de Janeiro will allow city residents to use cryptocurrency to pay property taxes starting in 2023. The city’s municipal gazette published a resolution stating that Rio «hires companies specializing in the conversion of crypto assets into fiat.» This will allow city residents to pay property tax, called IPTU (urban and land tax), using digital assets.

In the summer, the Brazilian authorities began working on a bill to tokenize all gold on the blockchain. The procedure should ensure transparency in the industry and prevent irregular mining of precious metals. The introduced changes will be aimed at establishing new rules for buying, selling and trading Brazilian gold, which will then be registered on the blockchain.