Fortaleza, a Brazilian city, and the capital of the state of Ceara aims to implement bitcoin payments in its public transportation system. A report unveiled this news on July 25, noting that the city would complete this project before the end of the year. This move is the most recent bullish step toward BTC’s mass adoption.
The Ceara State Corporation of Autonomous Passenger Transport (Cootraps) aims to increase efficiency through this project. It also seeks to attract more users and cut costs.
Speaking about the perks of this initiative, Carlos Roberio Sampaio, the CFO of Cootraps noted,
This is a way of reducing bureaucracy, even bringing more users to transport. We expect a larger flow of people, we will make it easier for the user.
Using BTC to Disrupt Transport Systems
According to Cootraps, the BTC payment system would be automated. Therefore, drivers would not need to interfere with it. Passengers would make payments through a smartphone app that generates QR codes. They would then scan these codes to confirm their trips.
Cootraps noted that 40 percent of the city’s residents still use fiats in its supplementary system. Per the agency, this figure is twice the number of passengers in the municipality’s bus fleet. However, the municipality does not control this bus fleet.
Reportedly, the administration is contemplating introducing other crypto coins in this project in due course. However, it did not specify which coins it would adopt.
This news comes after Paulo Skaf, the head of the Federation of Industries of the State of Sao Paulo (FIESP) noted that Brazilians could start using crypto to evade taxes. He said this while bashing the recent tax reform proposal by Jair Bolsonaro, Brazil’s president.
Criticizing the tax reform proposal, Skaf said,
This would naturally lead to a migration to other forms of payment, such as cryptocurrencies. It’s going to be unfair: those who trade in cryptocurrency don’t pay, and those who trade in reals will pay.
Apart from this, Brazil made headlines in the crypto space after Coinbene, a leading crypto exchange launched the first-ever card that integrates crypto in the country. The exchange joined hands with Mastercard in this initiative. The card uses crypto fully to help its holders make daily transactions. The card works hand in hand with a mobile app that lets its holders pay their bill and check their balance among other activities.
Do you think Fortaleza’s plan to integrate BTC payments in its public transportation system will see more Brazilians adopt crypto? Let us know in the comments below.