Joao Amoedo, presidential candidate of Brazil, for the New Party, has expressed that a cryptocurrency like Bitcoin (BTC) can be a viable payment method in the country, as long as there is a regulation that supervises its use. The information was presented in an interview the candidate gave to a local media in recent days.
According to Amoedo, Bitcoin (BTC) should receive the same regulatory treatment as a fiat currency like the US Dollar, which could be a very controversial issue for the Bitcoin (BTC) community.
It must be made clear that the country [Brazil] has only one national currency, the currency which is legal tender, that is to say, the currency which the persons are obliged to accept as the real currency (…) Also, there are restrictions on the use of the US Dollar for payments and as an account currency, which should be the same for any other foreign currency, including cryptocurrency.
At this moment, there is no regulatory framework regarding cryptocurrency use in Brazil
Currently, no legal framework regulates the use of cryptos in Brazil, despite the debates in Parliament on blockchain technology. The presidential elections to which Amoedo would be running are scheduled to be held in October, and his proposals could only materialize if he is elected.
Amoedo was very open to distributed ledger technology, believing that it could significantly reduce bureaucracy in public institutions by integrating it into real estate registration, document authentication, and electronic signature recognition.
Joao Amoedo also praised the advances in digital identity made thanks to blockchain technology, as well as its application in the supply chain, data transparency, and voting systems.
Since 2015, there has been a conflict between banks and cryptocurrency exchange operators in Brazil, which has led to the closure of some bank accounts belonging to a few exchange platforms and the subsequent reactivation of some of these blocked accounts.
Regarding this conflict, the Brazilian presidential candidate claimed not to have a specific position. In fact, Amoedo believes that the more competition there is in the cryptocurrencies market, the better it is.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.