The adoption of Bitcoin – buy McDonald’s using Bitcoin
The adoption of Bitcoin is gaining momentum as Brazil is one step closer to implementing a legal framework. But is this because deputies believe in the digital innovation era?
The adoption of Bitcoin – The influence of El Salvador
Shortly after neighbor country El Salvador implemented the cryptocurrency; Brazil could soon use Bitcoin as a currency. This is closer than ever, according to Federal Deputy Aureo Ribeiro, who said Brazilians would be able to buy houses, cars, and even a burger at McDonald’s with the most prominent cryptocurrency in the world.
The adoption of Bitcoin – Brazil’s adoption of cryptocurrencies (Bitcoin, in particular) is possible thanks to bill 2,303 / 15 that was passed last Wednesday, which aims to provide a legal framework for virtual currencies. The final step now is for the bill to pass before the plenary of Brazil’s Chamber of Deputies in the coming days.
Ribeiro said Brazil needs this to normalize and implement the use of cryptocurrencies, just like El Salvador did, to attract foreign investment. The result should see Bitcoin being used in everyday transactions around the country.
“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you are buying, know who you are dealing with, and have this asset to buy a house, a car, go to McDonald’s to buy a hamburger, it will be a currency in the country as it happens in other countries.”, said Ribeiro, who believes that the proposal has strong support in the Chamber of Deputies and has only a few obstacles that prevent its approval – nothing that should be impossible to do.
The adoption of Bitcoin more popular amongst Brazilians
According to a survey recently conducted by Sherlock Communications, many people believe that Bitcoin should become an approved currency. The survey found that almost half of respondents believe that Bitcoin should be a legal tender.
The study surveyed 2,700 over 18-year-olds from seven Latin American countries: Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico. The results were that 48% of Brazilians believe their country should adopt Bitcoin.
“Brazilians were the biggest supporters of recognizing bitcoin in the region, with 56% supporting El Salvador’s approach and 48% saying they want Brazil to adopt it too.”
Brazil’s inflation rate is skyrocketing – could this speed up the process of implementing BTC?
Since February, Brazil’s inflation rate has risen steadily from month to month, with the latest figure in August reaching no less than 9.68%.
Due to this vast increase in inflation, Brazil’s central bank has raised interest rates no less than five times this year. Even scarier, some analysts believe that even higher rates should be implemented, as, in their opinion, the current measures are not nearly enough to cope with rising prices.
Tens of thousands of protesters called for the removal of President Jair Bolsonaro last weekend. They blamed President Bolsonaro for rising unemployment and causing hunger to spread even more among the population.
Amongst this strange situation and the general unrest that it surrounding Brazil’s citizens, Bill 2,303 / 15, although highly irregular in the grand scheme of things, may see implementation – if not for anything else, at least from the point of view of politicians, trying to save their careers and remain active in governing the country.
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