RIO DE JANEIRO, BRAZIL – According to Coinmap, a website that monitors the acceptance of cryptocurrencies worldwide, in São Paulo alone, more than 300 establishments accept virtual currencies as a form of payment.
Throughout Brazil, 940 establishments already accept payments with cryptocurrencies, which is expected to grow.
For crypto economist and CEO of blockchain technology company Lunes, Lucas Cardeal, cryptocurrencies are still more common in the investment sector. Still, acceptance in commerce is growing, which has helped Brazilians face the decentralization in managing money without depending on “banks”. “The constant oscillation of the quotes is one factor that still hinders the dissemination of the use of crypto actives,” says the expert.
With cryptocurrencies becoming more popular, it will be possible to see the price of crypto-active products on labels in the future. According to a survey, worldwide, more than 29,300 establishments are trading directly with crypto-actives.
With digital currencies, decentralization guarantees wealth security, says Cardinal. “Since cryptocurrencies are not centralized in a regulatory body, people don’t risk being without access to them at some point. Recently, because of the Central Bank strike, there was concern that the Pix could be partially halted, which certainly caused some fear in the population. With crypto, this does not happen,” he exemplifies.
In addition to security, the crypto-economics expert points out that the systems validate cryptocurrency transactions without being subject to the laws of any country, like borderless money, facilitating the movement of wealth. “They exclude no one from the system and have no territorial division, allowing trading and transaction securely with people anywhere in the world. It’s a new horizon opening up for traders,” adds Cardeal.
In Brazil, the government is working on a proposal to regulate the crypto economy to make crypto official.