Seven of Brazil’s Presidential Candidates Own Bitcoin

brazil bitcoin

At least seven of Brazil’s 12 presidential candidates invested in bitcoin (BTC) this year, according to the statements made by the candidates to the Superior Electoral Court.

The Brazilian elections take place in a few short weeks, prior to which the candidates were required to declare their assets. As a result, seven of them disclosed the amount they have invested in cryptocurrencies. The number is very small considering the many candidates spread across the country. However, this shows that cryptocurrencies have already won over some politicians who are fighting in the presidential election of 2018.

Bitcoin and Brazilian Politics

Most of the candidates who own Bitcoin are part of the Partido Novo (New Party). Holding bitcoin is not unusual to Brazilian politics. On the other hand, the country has not yet addressed legislation for cryptocurrencies. Therefore, Brazil still does not recognize businesses focused on digital assets, which can lead to several problems for companies in the sector.

Some Brazilian exchanges had accounts blocked at banks in the country, for example. Thus, the more popular cryptocurrencies are in the political environment, the greater the chance of a discussion regarding specific legislation focused on digital assets.

Of the seven candidates who declared, six are part of presidential candidate João Amoêdo’s party. He is running as part of the New Party. Thus, it seems that the topic of bitcoin is well represented in the party comprising most of the candidates.

Clearly, presidential candidates for the Partido Novo recognize the power of bitcoin. In addition to the candidates who declared that they have investments in bitcoin,  one presidential candidate — the New Party’s Amoêdo — has already shown an interest in bringing cryptocurrencies to the mainstream.

Pro-Crypto

Amoêdo believes that cryptocurrencies can provide important resources to the financial market. In addition, the Brazilian presidential candidate has given interviews declaring to be “pro-cryptocurrencies”. Thus, if Amoêdo is elected, cryptocurrencies will be thrust onto the national political scene.

And Amoêdo’s ideas in relation to crypto don’t stop there. The presidential candidate wants to implement blockchain into registries and notary offices across the country. In this way, certificates and documents can be created completely in digital format, saving time and providing greater security. Even birth certificates can be issued through blockchain technology. For instance, there was a recent event of a newborn being the first baby to be registered through blockchain technology in Brazil.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.