Praia Bitcoin seeks to become the first community bank in the world

The Praia Bitcoin project launched a direct challenge to the Government of Ceará, a state located northeast of Brazil. Through a public appeal, the organization formally requested the reevaluation of its proposal to establish the first Bitcoin community bank in the world, after its initial application was rejected.

Led by its founder, Fernando Motolese, Praia Bitcoin operates since 2021 in the tourist town of Jericoacoara. The Citadel project has grown since then, inspired by models such as Bitcoin Beach, the pioneer people of El Salvador.

It promotes a circular economy using bitcoin as daily money, Educating residents and integrating more than 60 local shops. All this with the idea of demonstrating, in practice, that the currency created by Satoshi Nakamoto can function as a community infrastructure for financial inclusion and not only as an investment asset.

The state government denied the request for formalization, claiming five key points. As explained by Motolesse, these are the alleged absence of specific regulation, the risks of compliance due to decentralization, the volatility of the asset, an incompatibility with the solidarity economy, and a technical complexity that would exclude the population.

However, Motolesse categorically refutes these arguments, qualifying them as “fragile” and based on a deep ignorance. It clarifies that Brazil already has Law No. 14,478 that regulates virtual assets. In fact, cryptootics reported on these regulations in 2023 when it was established that the Central Bank (BCB) would be the main regulator of the bitcoin industry and cryptocurrencies.

On the other hand, the founder of Praia Bitcoin, in his message to the Brazilian government, argues that Bitcoin’s volatility is not something that should generate more concern. This is because it is mitigated when using the digital currency as a network of instant payments.

It also argues that The leading project is a living example of solidarity economywhich has already overcome the barrier of technical complexity with face -to -face education, and therefore qualifies to operate as a community bank, since it promotes financial inclusion and sovereignty without profitable intermediaries.

In a previous publication Motolesse explained why it considers it necessary to create a community bank of Bitcoin.

«Mr. Raimundo, our Security Guard, unfortunately sold his salary in BTC through Cloud, a decision that sads us deeply. To prevent this from happening again and foster financial inclusion in our community, it is crucial to structure the Bitcoin Community Bank in Praia Bitcoin. This project would allow to repurchase the Bitcoins of Raimundo and keep them circulating within our local economy, strengthening the sustainability and impact of our initiative in Jericoacoara ».

Fernando Motolese, co -founder of Praia Bitcoin.

However, community banks, which are usually small institutions focused on local communities, it is likely that in Brazil it will be necessary to comply with strict regulations to operate. This includes capital requirements, specific licenses and compliance with governance regulations and money laundering prevention.

In any case, the project of obtaining a license as a community bank does not stop, Motolesse points out. So before the approximation of its fourth anniversary on September 6 and 7, it extends a Open invitation to the authorities of the Government and the Central Bank of Brazil to visit their facilities and verify the impact of the Citadel of Bitcoin, which considers real and positive.

«We request special attention from the authorities to evaluate our embargo statement, visible the formal establishment of the first Bitcoin community bank in the world, which operates informally in Jericoacoara. We use bitcoin as a means of exchange for social and educational purposes, promoting financial inclusion and social transformation, which cannot remain uncertain ».

Fernando Motolese, co -founder of Praia Bitcoin.

If the authorities’ visit to Praia Bitcoin, the role of the pioneer digital currency in local communities could be strengthened. This challenging prejudices and demonstrating that BTC can be much more than a speculative asset to be a Infrastructure for economic empowerment.