After El Salvador, there are other potential candidates that are emerging for the sake of crypto adoption and making digital assets a legal tender within their country. One such example is Ukraine and with it Brazil as well. A survey was conducted nationwide to be able to procure the very thoughts and reaction of the public to the statement that Brazil should become a crypto-pro state or not? The South American region has had its fill of cryptocurrency as El Salvador became the first country in the world to accept Bitcoin as a legal tender; in the Latin American regions, Brazil is a prospective candidate and a very friendly nation to digital assets such as Bitcoin.

The poll clearly narrates that almost 48% of Brazilians would like to see Bitcoin as an approved legal tender within the country. For the remaining 52%, some of this number is not even sure what Bitcoin is or what roles do the cryptocurrencies play, as, for the rest, it is believed that when the transition to adopting Bitcoin is in motion, some of them might come along. About 30% of the participants of the poll severely disregarded the proposal and discarded the very notion of this thing becoming a reality one day, on the other hand, 21% were in strong contradiction with this proposal, and as for the rest, they didn’t have any clue what Bitcoin is or what does it do.

Brazil may Adopt Bitcoin

In the year 2020, a similar survey was conducted, and the results were a bit shocking as the majority of investors and business enterprises didn’t even like the sound of crypto adoption or investment. But today, the number of those who were against cryptocurrencies in 2020 has decreased by a factor of 33 percent, and it is now only limited to 12%.

There is still a lot that needs to be squared on Brazil’s end; the state needs to conduct a thorough investigation of the economic stability of the country and understanding whether the transition would affect the financial stability of the country or not. Similarly, there are regulations to be installed in place, and infrastructural reconfiguration is also in order.