Brazilian President Jair Bolsonaro admits he does not know what Bitcoin is

Brazilian President Jair Bolsonaro said he does not know what bitcoin (BTC) is and backed the suspension of a project that would create cryptography for indigenous use, Cointelegraph Brasil reported on June 4.

Bolsonaro supported the Minister of Women, Family and Human Rights, Damares Alves in the suspension and final point of a project worth 44.9 million Brazilian reais ($ 11.5 million) between the National Indian Foundation (FUNAI) and the Fluminense Federal University (UFF), which promoted the creation of a cryptocurrency for the use of indigenous people. Bolsonaro delivered or issued his comments during an interview on the SBT show in Ratinho on June 4.

After saying that the minister acted appropriately by blocking the project that “wanted to teach the Indians to use bitcoin,” a participant in the exhibition asked the president if he knew what bitcoin was. Bolsonaro replied:

“I do not know what bitcoin is.”

Shortly after the speech, Bolsonaro rectified his statement and said that Bitcoin was a “virtual currency”. The project offered by FUNAI and the UFF supposedly will not receive funding or support, nor will it integrate bitcoin to the users that were requested in the initial project.

Throughout his career, Bolsonaro has made several controversial statements about indigenous people in Brazil and has promised to reduce protections on his lands. The objective is to compromise the natural resources present in the ancestral lands that occupy the indigenous for generations.

As previously reported, the government suspended the indigenous cryptography project in early January, claiming that the contract was issued incorrectly and that it lacked technical analysis, such as a detailed description of the project. The contract was signed directly between FUNAI and UFF, instead of through a legal tender process. In addition, the government said that the contract had been approved too quickly and involved considerable costs.

At the end of May, the president of the Chamber of Deputies of Brazil, deputy Rodrigo Maia, ordered the establishment of a commission to consider the regulation of the cryptocurrency in the country. The commission will be composed of 34 members in accordance with the Rules of Procedure of the Chamber.

Traditional financial systems can not accept a protection that tries to displace the fiat currency, projects that try to provide financial freedom, born from the bosom of free peoples, blockchain-bitcoin technology can serve as a platform, innovators can help to the overcrowding and use of bitcoin, this form is valid, but there is a lack of interest and technique in the communities. It is waiting for new announcements.

Reference: cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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