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Brazilian President Rebuffs Cryptocurrency as His Administration Explores Blockchain

Brazil’s President, Jair Bolsonaro, has come out publicly in opposition to bitcoin.

In an interview aired on national television, the Brazilian president commented on cryptocurrency being used to bank indigenous people in Brazil. During a conversation centered on the challenges of his new presidency, Bolsonaro talked about projects created by his predecessor’s administration. One of the efforts was a $11.5 million project that aimed to create an “indigenous 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 National Indian Foundation (Funai) and the Fluminense…

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