- Brazil shuts downs crypto project to cut on expenses.
- The $115 million project that was started to create an “indigenous cryptocurrency”.
The president of the largest country in South America, Brazil Jair Bolsonaro has for the first time publicly bashed Bitcoin in public during an interview on national television. In the discussion, he mentioned of cryptocurrency being used to bank the unbanked Brazilian indigenous population.
The national television conversion was centered around the various challenges that his government is facing. Some of the projects from his predecessor’s administration came into light in the conversation, particularly the $115 million project that was started to create an “indigenous cryptocurrency”.
He explained:
“We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin.”
He denied publicly that he has no knowledge of Bitcoin saying “I don’t know,” “Is it a coin?”
The National Indian Foundation (Funai) and the Fluminense Federal University (UFF) came up with the project aimed at educating Brazil’s indigenous people who are unbanked. The project nation’s Ministry of Human Rights, Family and Women vetoed it in January.
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