Brazil’s Fifth Largest City to Accept Bitcoin for Public Transport
This news was broken by various sources last week. According to the sources, that system will allow Bitcoin payment through QR codes. The code will be incorporated in the city’s ticketing app before the end of the year.
Currently, only payments using Bitcoin will be accepted. The administration is considering whether other cryptocurrencies will be accepted in the future. However, it’s not clear which other cryptocurrencies are under consideration.
The Bitcoin payment mode will aim to enable seamless transactions without interference whatsoever. The move will reduce costs and at the same time attract more users to utilize the transport service.
According to COOTRAPS Financial Officer, “This is a way of reducing bureaucracy, even bringing more users to transport. We expect a larger flow of people; we will make it easier for the user.”
Brazilian Interest in Crypto Gaining Momentum
This is not the first time Bitcoin is making the headlines in Brazil. Recently, Paulo Skaf, president of Brazilian trade association FIESP, predicted that the new taxation system in Brazil will drive people towards use of crypto to evade tax.
Back on July 19, Luiz Philippe de Orleans-Braganza, a federal deputy in the Brazilian National Congress, expressed concerns regarding cryptocurrency regulations during a congressional commission.
"Good regulation is one that comes from the consumer's demand for something for which he felt injured and calls for state protection,” he stated. “I question this adventure of wanting to regulate something which consumers and companies organized to receive Bitcoin do not demand,” Luiz added.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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