Joao Amoedo, the presidential candidate of Brazil, has expressed a strong desire to make Bitcoin a legal currency in Brazil. Joao Amoedo also believes that cryptocurrencies such as Bitcoin ( BTC ) has the potential to become a viable payment method in Brazil, as long as they are properly supervised.

But according to Joao Amoedo, Bitcoin and other cryptocurrencies should be treated like foreign fiat currencies such as US Dollar. According to Joao:

“It must be made clear that the country [Brazil] has only one national currency, the currency which is legal tender, that is to say, the currency which the persons are obliged to accept as the real currency (…) Also, there are restrictions on the use of the US Dollar for payments and as an account currency, which should be the same for any other foreign currency, including cryptocurrency.”

Current state of cryptocurrency in Brazil

Ainda é difícil sabermos qual será o futuro do Bitcoin e de outras criptomoedas. Porém, o mais interessante é a tecnologia por trás, o Blockchain. Esse protocolo tem capacidade de gerar maior segurança, transparência e descentralização tanto no setor privado como no setor publico — João Amoêdo (@joaoamoedonovo) December 7, 2017

Currently, there is a huge debate in Brazil regarding whether Bitcoin and other currencies are a proper legal tender. Back in 2015, banks in Brazil closed bank accounts of many cryptocurrency exchanges but later reopened it.

The Brazil parliament currently is in favour of distributed ledger technology but is currently unsure about cryptocurrencies and where they fit.

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