In a groundbreaking development, the local affiliate of the largest open television network in Brazil recently highlighted the significant Bitcoin adoption underway in Rolante, a small town situated in the southern region of the country.
The story of bitcoin adoption in Rolante, Brazil, aired on RBS TV, a Rede Globo affiliate and one of Brazil’s leading mainstream media groups. The news is currently circulating around on the social media platform X.
The catalyst behind this adoption surge is Ricardo Stim, who proposed to Rolante’s merchant association the acceptance of BTC for payments. Stim’s initiative has propelled Rolante to the forefront of Bitcoin adoption, with the town rapidly becoming a global leader in embracing the digital asset. Stim states on RBS TV:
“In one month [of the project] we became the largest Brazilian city to accept Bitcoin; in two months the world’s largest. Today we are, by far, the largest town worldwide [accepting Bitcoin]. We have one point [of sale] for every 105 residents, while the second-largest has one point for every 5,000 residents.”
Rolante Brazil: Bitcoin Takes Center Stage
Rolante, home to over 21,000 residents, is nestled within the Rio Grande do Sul estate, Brazil’s southernmost state bordering Argentina and Paraguay. With an area spanning nearly 300 km², the town is conveniently located just an hour’s drive from the state capital, Porto Alegre.
Notably, Rolante boasts a GDP per capita of R$34,884, around $6,976, according to data from Brazil’s leading demographic researcher, IBGE.
The report sheds light on Rolante’s recent Bitcoin festival, a two-day event that saw a payment volume of R$300,000, equivalent to $60,000, transacted in BTC. Impressively, 40% of Rolante’s merchants now accept BTC as payment, with even the services and health sectors beginning to follow suit.
Interest and Engagement Among Local Population
The local merchants noted that adoption of the digital asset has not only attracted tourists to Rolante but has also spurred interest and engagement among the local population, who are gradually familiarizing themselves with Bitcoin and its applications in everyday transactions.
Merchant Edson Reichert shares his perspective on the evolving payment landscape:
“We ask, in our daily financial transactions, what is the means of payment. If it is cash, credit card, paycheck, and now we have the option to ask if it will be in Bitcoin.”
Brazil’s Adoption Stories
In Brazil, the premiere digital asset enjoys legal status without restrictions on individual transactions for legitimate purposes. While there are no taxes imposed on BTC transactions, capital gains tax applies to gains exceeding BRL 35,000 per month.
The favorable regulatory environment has spurred notable adoption cases across the country. Earlier this month, the Bitcoin Company announced its Remittances API, facilitating seamless cross-border payments to bank accounts in Mexico and Brazil, marking a significant advancement in international remittances.
The organic adoption in Rolante underscores Bitcoin’s original vision as a peer-to-peer electronic cash system. With BTC trading at around $70,000, these adoption stories serve as a testament to the potential for widespread digital asset adoption at the grassroots level.
