Brazil’s Federal Deputy Aureo Ribeiro has revealed that Brazilians could soon be able to buy houses, cars and even McDonald’s with Bitcoin.
What is Bitcoin?
Bitcoin is an open source digital currency which is completely independent from a central bank. It functions by taking data from the Bitcoin network and sending this data to trusted users who work for an equal third party. In return, users are charged a small transaction fee.
It was launched on 1 January 2009 under the name Satoshi Nakamoto. It is now one of the most widely used digital currencies in the world and has a market cap of over $143 billion.
Why Are Bitcoin Prices So High?
In the last 24 hours, Bitcoin’s price had jumped to over $4,000 (6.4 BTC).
In the last 48 hours, Bitcoin’s price had jumped by more than $1,300 (4 BTC).
In the last 24 hours, Bitcoin’s price had jumped by $200 (7 BTC).
In the last 48 hours, Bitcoin’s price had jumped by more than $100 (6 BTC).
How to buy Bitcoin in Brazil?
Whether it’s bringing 3D printing and biometrics into the mainstream or making gambling illegal, a lot can happen in five years in Brazil. Now, cryptocurrency has been added to the list and the changes are imminent.
“Bitcoin is in Brazil,” the country’s Federal Deputy (Senator) Aureo Ribeiro said in an interview with Bloomberg. Ribeiro, who is a member of the Communist Party of Brazil (PCdoB), even suggested that Bitcoin could be considered “a type of money” for the country.
In the same interview, the senator also made a bold prediction that Bitcoin will be as important as the US dollar in Brazil. “This will be an interesting year because we’ll be seeing more and more Brazilian companies accepting it as payment,” he said. “Bitcoin will be as important as the dollar in Brazil.
What can you actually buy with Bitcoin in Brazil?
Don’t worry, we have all the information you need about buying bitcoins in Brazil.
Bitcoin Buying in Brazil: Where to buy and how much it will cost
There are three main places in Brazil where you can buy bitcoins in Brazilian Real:
With a potential reach of 2,000,000 people from 1.8 million people, Praça Mauá is the largest pedestrian pedestrian zone in the world.
This area is famous for its massive buildings that have been completed since the 80’s and 90’s and the oldest building in the world (the National Museum of Brazil).
The market hosts two weekly sales with a minimum purchase of 50,000 Brazilian Real ($12,000).
While most people buy bitcoins for 1 Bitcoin, there are people that are able to pay in bigger bills such as 50,000 Euros ($61,000).
Safety Concerns When Using Bitcoin In Brazil
Ribeiro is a representative of the Free Party of Brazil and he is currently working on a bill that would allow citizens in the country to use the cryptocurrency.
Ribeiro noted that the use of Bitcoin in Brazil is gaining momentum, but due to regulatory concerns some banks are wary of its use. He said:
We’ve had some banks tell us that they are considering issuing this kind of notes, so they are not very scared to offer us this kind of services, but they are not very comfortable with it, so it is important for us to fight on that point, and also to communicate the advantages of this money.
What do experts say about Bitcoin In Brazil?
The involvement of the Central Bank, the Association of Banks of Brazil and the Council of Financial Intelligence all add to bitcoin’s legitimacy.
People who buy bitcoins are not anonymous. Bitcoin is a technology where the financial institutions and the users are identifiable. According to Aureo Ribeiro, people in Brazil can already deposit the equivalent of more than US$8,000 with their bank account.
Furthermore, some local currencies in Brazil have already accepted bitcoins as a means of payment. These currencies include BRL (Brazilian real), R$ (renminbi) and PEN (Peruvian sol).
Brazil’s governor, Henrique Meirelles, recently stated that a Bitcoin Chamber of Commerce was proposed for Brazil. However, there have been no updates regarding the proposal in the last month.