It seems that at this time, more of the world’s countries are acknowledging the potential of cryptocurrencies and blockchain technology. While the regulatory trend is still underway, several nations are taking things one step further, and preparing for a world where crypto and blockchain play an active role in everyday life.
According to recent reports, the Brazilian Diplomatic Academy, named the Rio Branco Institute, has made several changes to its admissions policy, thus also introducing the requirement for candidates to be well-versed with digital currencies and blockchain technology.
To put things better into perspective, the Rio Branco institute was established in 1945, and represents Brazil’s main training facility for the nation’s future diplomats. It offers two courses, where the highly-competitive admission exam targets a plethora of topics. Blockchain and crypto knowledge is obligatory for both phases of the admission exam.
The new requirement for candidate knowledge on the two emerging technologies, will prepare Brazil’s future diplomats for crypto and blockchain-related negotiations. The institute hopes that this way, the country will have several advantages once worldwide adoption of the tech takes place.
It is important to keep in mind that so far, Brazil has been highly-receptive to the potential of blockchain tech and cryptocurrencies. In fact, back in June, the country’s government alongside its financial authorities have announced the development of a regulatory sandbox that will target the two emerging technologies. This will allow Brazil to regularly adapt its legislative policies, to ensure that crypto and blockchain can be integrated within the financial sector.
There are also rumours pointing out that Brazil looks to further promote the use of blockchain throughout its territory. As such, it is believed that the Brazilian government is working on a bill that would make it mandatory for the nation’s local public administrations to promote blockchain technology, alongside other emerging tech. The bill also dictates that public administrations should invest in developing blockchain, and AI-based tech, in an effort to improve the overall quality of local public services.
While Brazil cannot yet be named one of the world’s blockchain and cryptocurrency hubs, it’s definitely on the right track. The right approach towards national crypto and blockchain integration generally includes incentives for start-ups, usage of the tech in public services and a friendly regulatory framework.