Brazil's fifth-largest city to accept bitcoin payments for public transportation

Fortaleza, the fifth-largest city in Brazil with a population of about 2.7 million, is set to accept bitcoin (BTC) payments for public transportation by the end of this year.

Local news outlet O Povo reported the news late last week, saying that the Ceara State Co-operative Autonomous Passenger Co-operative (Cootraps) will provide Fortaleza citizens the option to buy bus tickets using bitcoin, credit and debit cards, in addition to the current cash system.

The newer payment options are reportedly aimed at attracting more users and reducing bureaucracy in the system. "This is a way of reducing bureaucracy, even bringing more users into transport. We expect a larger flow of people, we will make it easier for users," said Carlos Robério Sampaio, chief financial officer of Cootraps.

Users will be able to pay for tickets through a mobile application and a QR code, per the report.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.