Belo Horizonte Passes Crypto Bill to Make City Become Bitcoin Capital
By: blockchainreporter|2025/05/11 03:30:08
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In a ground-breaking development, lawmakers of Belo Horizonte, a city in Brazil, have passed a crypto bill that seeks to enable the city to become a Bitcoin capital. According to the latest news shared on X today, Belo Horizonte lawmakers approved a revolutionary bill that wants to transform the city into an advanced hub for cryptocurrency and Bitcoin businesses.Belo Horizonte is on the rise as a new bitcoin capital! Lawmakers have just passed a groundbreaking bill aimed at transforming the city into an innovation hub for crypto and bitcoin companies! The bill establishes incentives for businesses to accept bitcoin as payment,...— Bitcoin.com News (@BTCTN) May 10, 2025The bill aims to incentivize businessesAs reported by the news, Belo Horizonte legislators passed the bill (on Wednesday, May 7, 2025) amid a heated discussion that saw 20 lawmakers vote in favor of the bill. While 8 legislators voted against the bill against the bill, 6 were absent. The bill, which now heads to the mayor’s office for final approval, is a great milestone showing the city’s commitment to promote the usage of cryptocurrency within the jurisdiction.The bill plans to create an incentive program that rewards businesses that accept Bitcoin and cryptocurrencies as payments. Among the rewards to be offered are featuring crypto-friendly businesses in the city’s advertising campaigns, among others. Also, this incentive program promises to promote educational events to empower citizens to digital transformation and harness their digital skills.Why Bitcoin gains traction across the worldAs Bitcoin becomes more stable through retail investor and whale adoption, more cities and countries realize that they can take advantage of this technology for economic growth. Belo Horizonte’s development highlights Brazil’s friendliness to cryptocurrency. In November 2024, Brazilian legislator launched a legislation that wanted the government to create a national BTC reserve to diversify the nation’s treasury. The congressman claimed that the creation of such a BTC reserve would position the country as a frontrunner in the digital currency economy, develop opportunities for investment and technological growth, and minimize economic risks. According to the bill, the Bitcoin reserve could protect the country from currency fluctuations and global political disruptions.Besides Brazil, other South American nations leveraging crypto include Argentina and El Salvador. Argentina’s President is a crypto supporter, with a unique focus on cryptocurrency’s role in the economy. In February, he launched the Libra meme coin as an economic empowerment tool, but later crashed and caused massive losses (valued at $4.6 billion) in the crypto market. Brazil’s Bitcoin reserve bill emulated El Salvador’s bold move to make Bitcoin a legal tender.
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