- Belo Horizonte voted to become the “Capital of Bitcoin.”
- The city council vote passed with 20-8 in favor.
- No direct financial investments made into Bitcoin.
The symbolic move positions Belo Horizonte as a crypto-friendly hub, encouraging Bitcoin use without involving direct municipal investments.
Councilman Vile Santos, a prominent advocate for Bitcoin, spearheaded the bill, citing economic freedom as a key benefit. He stated, “Bitcoin represents economic freedom and innovation.” The city will now promote businesses accepting Bitcoin, though municipal funds remain unaffected.
Belo Horizonte’s decision could stimulate local business adoption and boost Bitcoin’s visibility. However, opponent Councilwoman Luiza Dulci raised concerns about Bitcoin’s “lack of intrinsic value and proper regulation.” The city’s alignment with crypto innovations potentially makes it a focal point for digital finance talks.
The immediate market response remains muted as the bill lacks direct financial engagement. Yet, business incentives and educational initiatives could foster a gradual Bitcoin integration. Historical precedents suggest increased crypto visibility but not guaranteed market shifts.
The bill is now awaiting the mayor’s approval for full enactment. Supporting data from on-chain metrics show no immediate financial market shifts, though the legislation potentially lays groundwork for future adoption.
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