Whatsapp tests cryptocurrency transactions in US – understand if Brazil has a chance

WhatsApp and Meta’s cryptocurrency portfolio Novi, formerly Facebook, has announced a pilot program that will allow US users to send and receive digital assets through the chat app.

Customers can send and receive USDP up to now. “We chose stablecoin for testing because it has been running successfully for over three years and in the United States it has important regulatory and consumer protection properties,” says David Marcus, CEO of Novi.

USDP reserves are fully supported in US dollars, and 1 USDP equals US $ 1.00.

To use the computer, Americans can download Whatsapp and access Novi and send cryptocurrencies to their contacts. However, so far, only a list of people using the service. Those unable to do so must register to join the waiting list.

“Globally, 1.7 billion adults do not have a bank account. Staying away from the global financial system has a real impact on people’s lives, ”says Marcus. “We believe in the timely resolution of the challenge by Novi, which is a digital wallet that allows foreigners to send and receive money instantly, securely and without charge.”

Kasriel said the use of Novi does not change the privacy of WhatsApp messages and private calls.

Meta, formerly Facebook, has been working on a wallet processor for several months while reviewing its global plans to issue a digital currency called Diem for regulatory reasons.

For João Marco Cunha, Hashdex’s portfolio manager, the project is still in its infancy, but “when it reaches full size, it will mean a large population with the potential to greatly increase the cost of accessing cryptoactives. The number of users”. Today, one third of the world uses Whatsapp.

National Market

In the domestic context, cryptocurrencies also promoted a revolution in the Brazilian monetary system. Many investors are using digital assets to build up financial reserves, and the central bank – and politicians – are keeping an eye on the market.

Roberto Campos Neto, chairman of the Central Bank, said he was interested in regulating cryptocurrencies. “For us, it’s more than just regulating cryptocurrencies Future regulation. It’s about organizing data. Will become about financial data. We look at cryptocurrencies, talk to the CVM (Securities Commission), and we recognize the need for cryptocurrencies.

He added that the regulation of digital assets is already being discussed. “Brazilians used it with investment vehicles, but cryptocurrencies in Brazil have not grown much as a means of payment,” he told a news conference on the RTI (Quarterly Inflation Report).

Although the central bank has not signaled any immediate regulatory action, there are six bills in the Senate and Chamber of Deputies aimed at regulating this market.

PL 4207/2020 seeks to establish rules for the issuance of cryptocurrencies by Senator Soraya Troninke (PSL). PL 2.140 / 2021, through Deputy Alexandre Froda (PSDB), aims to give the central bank 180 days to regulate cryptocurrency transactions.

However, the Hashdex manager hopes that the Whatsapp project will not have a strong impact in Brazil, “that it should be scaled in the US before it gets here”. But, as a rule, he sees the central bank as a pioneer in digital payments. “So, I did not expect a restriction to come [BC brasileiro] Make innovation impossible [da Novi] This way “.

As requested CNN, The central bank said it could not comment on the matter.

* With Reuters