Recently, the largest country in Latin America went through a major presidential election.
On October 31st, the Brazilian people elected the two-time former president Luis Inácio “Lula” Da Silva for a third presidency.
Lula beat the current president, Jair Messias Bolsonaro in a razor-tight result, winning by only 1.8% of the votes, in one of the country’s most heated elections to date.
While Bolsonaro’s voters are currently requesting a coup and closing down roads not allowing anyone to travel – Lula is already forming his next presidency’s ministry team, which will aid him to govern the world’s 10th-largest economy.
Brazil’s New Head of Economy
The most likely candidate for becoming Brazil’s next head of economy is Binance’s Henrique Meirelles.
Meirelles is a well-known public figure in Brazilian politics, and currently, he works as one of Binance’s advisors, aiding the exchange in its expansions in Latin and Central America.
Both Meirelles and Lula have worked together in the past. The financial expert served as President of Brazil’s Central Bank during Lula’s past governments, and he also served as Economy minister under the Michel Temer government, a president elected with the support of Lula’s party, PT.
What To Expect From Lula’s Administration, Regarding Cryptocurrencies & Henrique Meirelles?
The hiring of a Binance advisor could mean that Brazil’s upcoming government will be closely attached to digital assets.
Roberto Campos Neto, the current president of the Central Bank, is a cryptocurrency and blockchain enthusiast who has spent the last several months working on the development of digital real estate based on technology.
And, with the independence of the monetary authority, the expectation is that the work will continue in the coming year under the Lula administration.
Campos Neto is currently working on a legislative proposal, aiming to impose regulations on the cryptocurrency market, and by that provide more security to attract new businesses and investors to the country’s economy.
Brazil is already a major cryptocurrency hub, the country has around ten million cryptocurrency owners, which equates to approximately 5% of the country’s population owning one or more cryptocurrencies.