The city council of Belo Horizonte has voted to declare the city the “Capital of Bitcoin.” The decision came during a heated session earlier this week, where 20 councilors supported the bill, 8 opposed, and 6 chose to abstain.

Councilman Vile Santos introduced the proposal, saying Bitcoin represents economic freedom and innovation. He cited the US government’s move to build a crypto reserve as an example of global adoption.

Political Divide Over Bitcoin in Belo Horizonte

The vote has started a debate between left-wing and right-wing councilors. Councilwoman Luiza Dulci of the Workers’ Party argued that Bitcoin has no intrinsic value and lacks regulation. She questioned what kind of jobs or income Bitcoin could generate for residents.

In response, Santos insisted that it is not a political tool but a financial asset. “This isn’t about ideology,” he said. “Bitcoin is a digital asset. Let’s bring innovation and crypto to Belo Horizonte’s economy.”

Another councilor noted that more than 2 million people in Minas Gerais already use Bitcoin. Supporters of the bill believe the city can become a hub for digital finance and tech-driven business.

With Ethereum pushing past $2,400 and the Pectra upgrade driving fresh inflows, momentum is building. The upcoming ETH futures launch on Brazil’s B3 exchange could strengthen that trend further.

Meanwhile, the decision of the Belo Horizonte council follows a global push to add Bitcoin as a strategic reserve across multiple US states as well as several countries across the globe.

The post Brazil Names City of Belo Horizonte the ‘Capital of Bitcoin’ appeared first on CoinGape.

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Filed under: News - @ May 10, 2025 3:18 pm