The Brazilian state of Rio Grande do Sul has become the first in the nation to accept crypto as a form of payment for public services. This is a major milestone for the adoption of digital currencies in the country and the region. According to a press release from the state government, the initiative was launched on June 1st, 2023, and allows citizens to pay their taxes, fees, fines, and other obligations with Bitcoin, Ethereum, and Litecoin. The payments are processed by a local fintech company called BitPay, which converts the crypto into Brazilian reais and transfers them to the state treasury.
The governor of Rio Grande do Sul, Eduardo Leite, said that the move was motivated by the growing demand for crypto among the population and the need to modernize the public administration. He also said that the state is open to exploring other innovative technologies that can improve the quality and efficiency of public services.
The crypto payment option is expected to benefit both the state and its citizens. For the state, it will reduce transaction costs, increase transparency, and attract more investment. For the citizens, it will offer more convenience, security, and financial inclusion.
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Rio Grande do Sul is not the only Brazilian state that is embracing crypto. In April 2023, São Paulo announced that it will launch a pilot project to use blockchain technology to track the origin and quality of agricultural products. In May 2023, Minas Gerais revealed that it will create a digital identity platform based on blockchain to facilitate access to public services.
Brazil is also one of the leading countries in Latin America in terms of crypto adoption. According to a report by Chainalysis, Brazil ranked fourth in the world in terms of crypto usage in 2022, behind only Nigeria, Vietnam, and India. The report also estimated that Brazilians traded over $4 billion worth of crypto in 2022, up from $1.5 billion in 2021.
The acceptance of crypto by Rio Grande do Sul is a significant step forward for the development of the crypto ecosystem in Brazil and beyond. It shows that crypto is not only a speculative asset, but also a viable alternative for everyday transactions. It also demonstrates that governments can leverage crypto to enhance their public services and foster innovation.
NEAR Protocol Partners with Alibaba Cloud
NEAR Protocol, a scalable and decentralized platform for open web applications, has announced a strategic partnership with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group. The partnership aims to accelerate the growth of web3 in Asia by providing developers with easy access to NEAR’s blockchain infrastructure and tools on Alibaba Cloud.
Web3 is a term that refers to the next generation of the internet, where applications are built on decentralized protocols and users have more control over their own data and identity. Web3 applications can offer benefits such as censorship resistance, transparency, security, and interoperability.
NEAR Protocol is one of the leading platforms for web3 development, offering a fast, user-friendly, and low-cost environment for building and deploying decentralized applications. NEAR leverages sharding and proof-of-stake consensus to achieve high scalability and performance, while maintaining decentralization and security. NEAR also supports cross-chain interoperability with other blockchains, such as Ethereum, through its Rainbow Bridge.
Alibaba Cloud is the largest cloud service provider in Asia and the third largest in the world, according to Gartner. Alibaba Cloud offers a comprehensive suite of cloud computing services, including elastic computing, database, storage, network, security, analytics, and artificial intelligence. Alibaba Cloud also has a strong presence in the blockchain space, having launched its own blockchain-as-a-service platform in 2018.
By partnering with Alibaba Cloud, NEAR Protocol hopes to expand its reach and adoption in the Asian market, especially in China, where web3 development is booming. Developers who use Alibaba Cloud will be able to easily deploy and run NEAR-based applications on the cloud platform, without having to worry about the technical details of setting up and maintaining their own nodes. This will lower the barriers to entry and encourage more innovation and experimentation on NEAR.
Additionally, NEAR Protocol and Alibaba Cloud will collaborate on various initiatives to promote web3 education and awareness in Asia, such as hosting hackathons, workshops, webinars, and meetups. The partnership will also explore opportunities to integrate NEAR’s technology with Alibaba Cloud’s existing products and services, such as its blockchain platform and its artificial intelligence solutions.
NEAR Protocol’s co-founder Illia Polosukhin said: “We are thrilled to partner with Alibaba Cloud, one of the most respected and influential cloud providers in the world. This partnership will enable us to bring the power and potential of web3 to millions of developers and users in Asia, who can benefit from the open, decentralized, and inclusive web that NEAR is building.”
Alibaba Cloud’s head of blockchain business unit Zhang Hui said: “We are excited to work with NEAR Protocol, one of the most innovative and promising platforms for web3 development. We believe that this partnership will enhance our capabilities and offerings in the blockchain space, as well as foster a more vibrant and diverse web3 ecosystem in Asia.”