Luiz Inácio Lula da Silva Wins Presidential Race in Brazil – What Does This Mean for Crypto?

The future president is said to have said that cryptocurrencies "deserve the attention of the authorities", calling on Brazil's central bank to create a framework for digital assets.< /p>

According to data from the Tribunal Superior Eleitoral, Lula defeated Bolsonaro in the second round of elections on October 30 with 50.9% of the vote, or about 60.3 million people against 58.2 million for the future former president . Although the election result showed Lula was eligible to take office from January 2023, reports suggest Bolsonaro may intend to challenge the results.

Democracy. pic.twitter.com/zvnBbnQ3HG

Lula, who also served as Brazil's president from 2003 to 2010, reportedly said in October that cryptocurrencies "deserve the attention of the authorities", calling on the country's central bank to create an aligned digital asset framework on international standards in the fight against money laundering and illicit practices. He is also allied with former central bank president Henrique Meirelles, who