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Bitcoin Comes with Advantages Says Brazilian Presidential Candidate

Brazilian presidential candidate for the upcoming October elections in that country João Amoêdo has recently expressed pro Bitcoin views.

Amoêdo’s Brazil New Party aims for the privatization of public enterprises like Petrobras, Central Bank of Brazil and Banco do Brasil. Although the party supports welfare programs like Bolsa Família, it aims to privatize the public health system and public education. The state would give vouchers for health and education to people who couldn’t afford it, according to Wikipedia.

In terms of the country’s financial system, the party opposes extensive regulation in many aspects of Brazilian society. They believe the central bank should be independent of the state. When asked about cryptocurrency, Amoêdo said that Bitcoin comes with “advantages.” On the development of blockchain in Brazil, he was particularly upbeat about its place in the country’s economy.

“I see the blockchain as a protocol that increases the reliability and integrity of the data. There are obvious applications, such as for interbank transfers or to register as a notary. Another, not so commented, is to use the blockchain to follow the productive chain of products…. We could follow every step of the production chain of a product, ensuring less bureaucracy and more intelligence.”

When quizzed whether he thought that Cryptocurrency’s had a role in a new Brazil and whether it might be used as legal tender, he responded:

“As a means of payment, I see no doubts that bitcoin can be understood as a legal payment method. If both parties want to exchange a product via bitcoin… I do not see any legal barriers to doing so” adding:

“I do not think they are a threat to the traditional banking system. I see advantages in providing another means of payment for consumers,”

With a population of nearly 200 million and the largest economy in Latin America, Brazil is a significant economic force, and an increase in the adoption of cryptocurrency use would certainly have an impact under a liberal government, which on the whole tend to be more favorable towards crypto. It’s hard to say what stance Amoêdo would take regarding the sector if he becomes the new Brazilian president in October.  Like any other politician, he would want to be seen as a staunch supporter of the country’s national currency, the real, which is tightly pegged to the US dollar. On this he commented:

“But it must be clear that the country has only one national currency, one that has a legal course, that is, the one that people are obliged to accept, the real. No other currency, including the dollar, has this characteristic. Only the real. In addition, there are restrictions on the use of the dollar for payments and as a currency of account, which are the same for any other foreign currency, including crypto-coins.”

He suggests that governments must be made aware of the public’s assets held on-line as the internet shouldn’t become a “tax haven.”

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