Bitcoin (BTC) and the crypto market as a whole achieve yet another milestone Bitcoin for public transport is now a reality in a Brazilian city. The city declares that it will soon implement a system that will allow people to pay for public transportation using Bitcoin.
This is a huge leap for the crypto markets as it will encourage further adoption of both blockchain and cryptocurrencies as a method of payment.
Ceará Co-operative of Autonomous Passenger Transporters (COOTRAPS) has now declared that Fortaleza public transportation service will soon begin to accept Bitcoins as a method of payment.
Fortaleza is a Brazilian city that is also the capital of the state of Ceará. The news was reported by various local sources on July 25. The sources also reported that the system to allow for Bitcoin payments through QR codes would be incorporated in the city’s autonomous ticketing app before the year ends.
The application currently allows users to pay through debit and credit cards, but with the change, it will allow payments through BTC and flyer programs as well.
Although currently only Bitcoin payments will be accepted, the administration is also pondering upon whether other cryptocurrencies should be accepted in the future. However, which other cryptocurrencies are being considered was not disclosed.
The move being made is to increase the efficiency of the payment system as well as decreasing its cost while at the same time, it will attract more people to utilize the service. According to COOTRAPS financial officer, Carlos Roberio, this is an attempt to reduce bureaucracy by making the system easier for the user.
This is not the only time Bitcoin made headlines in Brazil as previously the President of Brazilian trade association the Federation of Industries of the State of São Paulo (FIESP) made some comments about cryptocurrencies.
President Paulo Skaf stated that as taxes continue to rise, people will tend to move towards cryptocurrencies in order to avoid taxes. He added that this would be unfair to people as those using cryptocurrencies will not pay such taxes while the rest will.
