President Of Brazil Cancels Crypto Project Directed Towards Indigenous People Due To Lack Of Reliability


President Of Brazil Cancels Crypto Project Directed Towards Indigenous People Due To Lack Of Reliability

A recent Coin Telegraph report indicated a potential crypto project directed towards the indigenous community that has been canceled due to the lack of proper description and the improper handling of procedures (https://cointelegraph.com/news/brazil-government-suspends-indigenous-crypto-plans-as-new-president-criticizes-project). Brazil’s President, Jair M. Bolsonaro, who supposedly took office a week ago commented on said endeavors via a tweet.

https://twitter.com/jairbolsonaro/status/1082193839656484864

As seen in the tweet above, Bolsonaro noted that a “black box” of contracts held by BNDES, a bank closely related to Brazil’s Ministry of Development, Industry and Trade have been further investigated and the findings will eventually be released.

The suggested $44 million in Bolsonaro’s tweet signifies the funding needed from the federal budget, which has supposedly been granted. Brazil’s local news platform, Estadao, has noted that during former president, Michel Temmer’s time, the National Indian Foundation of Brazil made an agreement with the Fluminense Federal University – who requested the aforementioned funding.

The signed agreement supposedly housed the budget along with a study on cryptocurrencies and how it could potentially benefit the indigenous community on a socioeconomic level, however, the project was suspended on January 3, 2019 because of the unreliable analysis and the poor description provided.

To make things worse, those involved in the project allegedly took a shortcut in signing the papers as opposed to completing the entire procedure. In particular, the current government under Bolsonaro has since argued that the $44 million should have been sanctioned via bidding and should not have been granted prior to Bolsonaro taking office(https://www.altcoinera.com/govt-of-brazil-suspends-a-crypto-project-initiated-by-the-previous-govt/).

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