Why Brazil’s Bitcoin Market is Struggling to Ignite

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For better or worse, the story of bitcoin in Brazil begins with Leandro César Marciano.

An IT consultant from Belo Horizonte, Marciano founded and later sold the country’s largest bitcoin exchange Mercado Bitcoin following an alleged security breach, and launched Bitcoin Rain, an investment scheme suspended by the government and later likened to the infamous US ponzi scheme, Bitcoin Savings & Trust. Informal estimates suggest the ventures resulted in the loss of 4,000 BTC in consumer funds.

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