- The three-day annual carnival in Brazil featured a Bitcoin-themed train.
- The Latin American country aims to educate young people about BTC.
- Praia Bitcoin Brazil attendees witnessed an in-person payment record.
The first-ever Bitcoin Beach festival in Brazil took place in Jericoacoara, where sustainable alternatives to legacy banking are needed more than ever due to financial instability. While recent research shows that the demand for cryptocurrency payments is the highest in Latin America, the government is also making steps towards putting crypto into the everyday lives of Brazilians.
Indeed, former President Jair Bolsonaro signed a game-changing crypto regulatory bill, which will pave the way to a legal framework to bank the unbanked and use Bitcoin (BTC) freely for tax payments. At the same time, the merchants of Brazil are eager to implement the needed equipment.
With crypto enthusiasts rapidly growing in Brazil, Bitcoin crowdfunding has already launched learning programs in several Brazilian schools. Lugano’s Plan B joined the party with a Bitcoin-themed train and a celebratory march at the Bellinzona Carnival to celebrate the breakthrough in Brazil’s crypto adoption.
Praia Bitcoin Beach Sets New World Record
The three-day conference started on February 18th, 2023, and lasted three days, while one of the finishing touches was Laura’s story; a struggling teenager from a poor background takes care of her younger brother by herself. The Praia Bitcoin Beach conference audience showed their big heart by breaking the in-person simultaneous Bitcoin transaction record.
A whopping 74 transfers via the Bitcoin Lightning system were made in three minutes and 23 seconds in Jericoacoara, Brazil. Most of these transactions are donations to the young teenage girl, as she left a note thanking crypto enthusiasts for their generosity.
On the Flipside:
- While the Latin American country is eager to implement Bitcoin, there’s been security issues concerning organized crime.
- For instance, police arrested a Brazilian gang last summer that managed to launder billions with the help of crypto in illegal gold mining activities.
Why You Should Care:
Both cryptocurrencies and Web3 have a lot of space to grow in Latin America. Cryptocurrencies have a high demand due to inflation and social inequality. Hence, the metaverse market alone is expected to quadruple in the next decade.
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