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Bitcoin has unlocked another milestone in a Brazilian city, after the city announced it will soon start accepting the cryptocurrency as a payment option for public transportation, Cointelegraph Brazil reported citing local news outlet O Povo.
As per the report, the Ceara State Cooperative of Autonomous Passenger Transport (COOTRAPS) declared that Fortaleza public transportation service will soon begin accepting Bitcoin.
The new payment system aims to offer a seamless transaction without any driver interference. Payments in Bitcoin and frequent flyer programs will be transacted via an application on the smartphone that will generate a QR code for use in confirming the trip.
According to Carlos Roberio, COOTRAPS Financial Officer, the latest initiative aims to improve the efficiency of the payment system by reducing the cost and bringing more users.
“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.”
COOTRAPS said that there are still 40% of users who still use money in the supplementary system, twice from the proportion of passengers in the municipality’s bus fleet that is also controlled by another group.
Bitcoin is slated to be added on the app’s payment option before the end of 2019. In addition, the administration is considering adding other cryptocurrencies in the future.
Last month, XRP developer and issuer Ripple has opened a new Brazilian office, in a bid to move closer to its regional customer base.
The Department of Federal Revenue of Brazil (RFB) also recently published new rules for cryptocurrency exchanges, with the goal of identifying tax fraud and requiring crypto entities to inform regulators about crypto transaction of users.
