The main bus service from the Brazilian city of Fortaleza, Ceará will begin accepting Bitcoin payments by the end of 2019, according to a recent report by Brazilian newspaper O Povo.
Fortaleza bus will soon accept Bitcoin
The Ceará Co-operative of Autonomous Passenger Transporters (COOTRAPS) announced that the new payment system for the Fortaleza bus service will be implemented towards the end of the year, and will accept major credit cards and mobile payments as well as BTC.
This new measure aims to make payments easier for bus passengers to avoid delays and make the service better for everyone involved. With a new and updated payment system, passengers will be able to pay quickly in their preferred method.
A major step towards adoption?
In 2013, Fortaleza was the twelfth-richest city in Brazil in terms of GDP and second in the Northeast, with an annual turnover of R$49 billion ($21 billion). It also has the third-richest metropolitan area in the North and Northeast regions.
According to the Ministry of Tourism, the city is the second most desirable destination to visit in Brazil and ranks fourth among Brazilian cities in terms of tourists received.
During mid-2015, O Povo also reported that over 85% of all tourism in Fortaleza was coming from Brazil – a number that has been slowly changing as the region’s global reputation grows.
With an increasing number of both Brazilian and foreign tourists coming to Fortaleza, the fact that the city’s main transportation system will soon accept cryptocurrencies is a major breakthrough.
If the measure is successful, we can expect other companies, in a variety of cities, to follow with similar measures.
Brazil’s crypto regulation could help out
As previously reported by Coin Rivet, Brazil’s new tax regulation brings more clarity to the whole system.
The Brazilian Department of Federal Revenue (RFB) has announced that as of August 1 2019, all crypto transactions must be reported for taxation purposes by local exchanges, businesses, or individuals using cryptocurrencies such as Bitcoin or Ethereum.
With clear guidelines and regulation to deal in Bitcoin and other cryptocurrencies, accepting crypto payments and filling in tax returns is now much easier.
This will definitely give a boost to the number of businesses and individuals adopting crypto, as in the past it was a major hurdle to do business exchanges in Bitcoin.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.