Santander says ‘Yes to bitcoin’ in Brazil

SpaIn’s largest bank, Banco Santander, recently published a report, “Brazil : Banks Financial Services: To Bitcoin Or Not To Bitcoin?.” The Equity Research paper discusses a meeting on August 23 between local investors and the CEO of Mercado Bitcoin, Rodrigo Batista.

– Santander

Brazil is the world’s seventh-largest economy with a population of 207.8 million and GDP of US$1.775 trillion in 2015. An independent report by PricewaterhouseCoopers (PwC), published in August, shows a thriving payment cards market in Brazil. Approximately 40% of adults held a bank-issued debit card in 2014, with a transaction volume of US$109 billion. 35% of the adult population held a Credit Card, generating US$272 billion in transactions.

However, settlement times are abnormally slow in the Brazilian market. “The average settlement period for credit card transactions in Brazil is D + 28,”

Read more ... source: TheBitcoinNews