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According to the information published in Portal Do Bitcoin, seven out of a total of 23,812 candidates who are running for different positions in various government agencies in Brazil have declared cryptocurrency as part of their investment portfolio. The amount reported in cryptoassets amounts to 70,000 reais (approximately 17,000 USD), according to the database of the Superior Electoral Tribunal (TSE).

The note adds that six of the candidates who declared their cryptoassets claimed to possess Bitcoin (BTC), while one of them does not specify which cryptocurrencies he holds. Six of them are affiliated with the Novo Party, and that no candidate running for an executive office position declared to possess any digital currency.

However, it is presumed that the number of candidates who have cryptocurrency may be greater since it is inferred that many of the candidates omitted information about their assets. On the other hand, the most significant amount of cryptoassets declared belongs to a politician affiliated to the PSDB (Brazilian Social Democracy Party), Luiz Hauly Jr. with about 8,600 USD in bitcoins.

The assets declared by each of the candidates are detailed, pointing out that Hauly Jr. acquired cryptocurrency from the exchanges Mercado Bitcoin and Binance. Meanwhile, candidate Luciana Lopes, of the Novo Party, declared a patrimony of almost 5,900 USD in bitcoins. For his part, candidate Aurelio Barreto, also of the Novo Party, said he had nearly 3,000 USD in bitcoins, while Guillermo De La Cunha said he had acquired about 2,450 USD in bitcoins.

The list continues with three other Novo Party candidates: Victor Cezarini, who cited just over 1,000 USD in bitcoin; Daniel Tinoco, who mentioned having more than 560 USD in cryptocurrency; and Fábio Ostermann, who declared 0.034 BTC, valued at 228 USD, press time.

Beyond Cryptocurrency

In addition to this precedent of declaring cryptocurrency as assets, the 2018 Brazilian elections may also incorporate Distributed Ledger Technology (DLT) as part of some phases of the electoral process.

The presidential candidate, Marina Silva, launched a website last July to raise funds for her electoral campaign, which uses a platform that registers donations on the Decred blockchain. Silva is currently the only presidential candidate who uses this technology to seek resources for her political campaign, although another candidate for the presidencyJoão Amoêdo, raised the idea that bitcoin could be used as a method of payment, as long as there is a regulation that determines its use.

These proposals were brought forward in a debate held months ago by the Science, Technology, Communication and Informatics Commission of the Brazilian Chamber of Deputies, which discussed the possibility of setting up blockchain regulation at the national level, considering that an eventual regulation of these tools will be necessary due to the increase in their adoption throughout the country.