In a close race with outgoing Brazilian President Jair Bolsonaro, Luiz Inácio Lula da Silva, also known simply as “Lula,” won the country’s presidential election in a runoff election.
According to data from the Superior Electoral Court, Lula defeated Bolsonaro in the second electoral round on October 30 with 50.9% of the votes, that is, some 60.3 million people compared to 58.2 million for Bolsonaro. Although the election result showed that Lula is entitled to take office from January 2023, reports have suggested that Bolsonaro may intend to challenge the results.
Democracy. pic.twitter.com/zvnBbnQ3HG
– Lula 13 (@LulaOficial) October 30, 2022
Lula, who was also president of Brazil from 2003 to 2010, said in October that cryptocurrencies “deserve the attention of the authorities,” calling on the country’s central bank to create a framework for digital assets aligned with international standards on the fight against money laundering and illicit practices. He is also an ally of former central bank president Henrique Meirelles, who took on an advisory role at Binance in September but may reportedly be considering a position in the Lula government.
During his presidential campaign, Lula announced that his plan for the Brazilian government had been registered on the Decred blockchain as an example of “an innovative and incorruptible technology of records distributed by computers around the world that is also behind Bitcoin.” However, the future president has not spoken publicly about cryptocurrencies and Blockchain technology.
Cointelegraph reported that more than 12,000 companies based in Brazil held cryptocurrencies in August, suggesting that digital assets may play a larger role in the country’s economy in the future. Some lawmakers have also proposed bills to legalize cryptocurrency payments in Brazil.
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