Brazil Exploring Blockchain: President

President of Brazil, Jair Bolsonaro, has come out publicly in opposition to BTC

The President Bolsonaro was interview on national television, express an opinion on cryptocurrency being used to bank local people in Brazil. Throughout a discussion centered on the challenges of his new presidency, Bolsonaro speaked about projects created by the previous administration. One of the efforts was $11.5 million project that direct to create an “local cryptocurrency”.

“We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin,” he said. In fact, Bolsonaro said, he doesn’t even know what bitcoin is. 

“I don’t know,” he said. “Is it a coin?”

The FUNAI (The National Indian Foundation) and UFF (Fluminense Federal University) created the project in order help bank Brazil’s local people. The country’s Ministry of Human Rights, Family and Women turn down it in January.

One of the first actions taken by Bolsonaro’s administration was to shutdown of the cryptocurrency project. This is the first time the leader speak about bitcoin in public although Brazil is one of the most active countries in Latin America’s blockchain sphere.

In spite of the president’s initial ignorance of bitcoin, the cryptocurrency’s growth and blockchain ecosystem in Brazil is impossible to disregard.

Bolsonaro’s administration itself also display certain desire for blockchain. Back in February, the leader appointed an economist involved in blockchain and cryptocurrency to run the Central Bank of Brazil.

At present, One of the biggest cryptocurrency markets in Latin America and has the highest bitcoin trading volume in all the region is Brazil, reaching nearly 100,000 BTC in April alone.

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