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Saturday, August 11, 2018

Brazilian Presidential candidate may be the most pro-cryptocurrency politician we've ever seen...

João Amoêdo is a candidate for President in Brazil, and he recently spoke with Brazilian based crypto news site "Portal Do Bitcoin".  We learned he's a fan of the tech in general, speaking first on the overall subject of Blockchain he explained his views:

"I see the blockchain as a protocol that increases the reliability and integrity of the data. There are obvious applications, such as for interbank transfers or to register as a notary. Another, not so commented, is to use the blockchain to follow the productive chain of products. No matter how much ANVISA strives, it could hardly find out where they put cardboard in the meat. With the blockchain, this would not be a problem. We could follow every step of the production chain of a product, ensuring less bureaucracy and more intelligence.

But this is just the beginning. The possibilities of using the blockchain go much further. 
It is possible to establish digital identities online, electronic voting platforms, increase transparency and accountability in public management. Facilitate and make transparent bidding processes, among many other things."

When asked if he sees cryptocurrency as a threat to government issued currencies, he said:

"I do not think they are a threat to the traditional banking system. I see advantages in providing another means of payment for consumers."

He was also asked if he'd consider declaring Bitcoin a legal payment method in the country (treating it the same as USD or the Euro) he answered:

"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. But it must be clear that the country has only one national currency, one that has a legal course, that is, the one that people are obliged to accept, the real. No other currency, including the dollar, has this characteristic. Only the real. In addition, there are restrictions on the use of the dollar for payments and as currency of account, which are the same for any other foreign currency, including crypto-coins. The Internet is as if it were another offshore and it is fair that governments compel people to give information about what they have there, as they force them to report on assets abroad. The internet is not meant to be tax haven."

The election takes place in October, and it's already getting nasty.  With candidates now questioning the results before voting has even taken place, as reported by Bloomberg.

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Author: Adam Lee 
Asia News Desk