Brazil Presidential Candidate calls Bitcoin ‘A Legal Form Of Payment’

by | Aug 8, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Bitcoin | Brazil | Legal form of Payment | Election | Cryptocurrency | Bitcoin future

Coming October, Brazil will organize country’s general elections to decide the next President, Vice President, Congress, Governors, and other state officials. As per norms, the candidates are busy spreading their propaganda to entice the voters on their side.  João Amoêdo, the candidate for the Partido NOVO, commonly known as The New Party, has new financial innovation as one of his propaganda. This includes the integration of blockchain in electronic voting platforms, accountability in public management, and establishing digital identities online.

In a recent interview with The Bitcoin Portal, Amoêdo candidly shared his thoughts and aspirations on blockchain innovation and Bitcoin’s viability as a legal method of payment. According to him, there are many areas in government and public sector that could be benefited from the blockchain implementation.

Amoêdo cites the problem that the National Health Surveillance Agency of Brazil is facing regarding contamination of food and beverages in the country. The trouble is with pinpointing where in the chain the contamination originates, he entrusts that Blockchain technology can help solve such issues more quickly, saving money and potentially saving lives. He also foresees that using blockchain in government offices can increase transparency in document authentication, real estate registration, and signature recognition.

At a time when many governments aren’t sure about the interactions between digital currencies and national currencies, Amoêdo states:

“I do not think they are a threat to the traditional banking system. I see advantages in providing another means of payment for consumers.The most important thing is to guarantee an institutional framework that will generate more certainty for investors, companies and even policymakers.

Amoêdo thinks that regulations will be crucial in bringing the security and assurance to support large investors to engage, he included:

“I believe it is premature to define rigid rules that delimit a market that is still in formation.”

When the million dollar question regarding declaring Bitcoin as a legal payment method in Brazil was put up, Amoêdo answer was:

“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.”

Now that’s a progressive foresight that the Crypto enthusiasts are looking for, but would it go down well with others as well?

 

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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