Brazilian President Blames Bitcoin For Cancelling A Crypto Plan

Brazilian President Jair Bolsonaro blamed bitcoin for the cancellation of an indigenous crypto project despite not really having an idea what it is. He is even now considering to implement a South American ‘’Euro’’ and we read more about it in the latest cryptocurrency news.

The $11.5 million crypto project aimed to create a cryptocurrency for use by the indigenous population which is still unbanked and suspended by the government. The Brazilian president is well known for his attitude towards the indigenous Brazilians and he even promised to roll back in order to protect their lands saying:

‘’The Indians do not speak our language, they do not have money, they do not have culture. They are native peoples. How did they manage to get 13% of the national territory?’’

When he was asked on the crypto project cancellation during the TV interview this week, the Brazilian president supported the move. He noted that the project ‘’wanted to teach the Indian how to use bitcoin’’ but he also stated that he doesn’t know what bitcoin is.

After the interview, he was briefed by an advisor on the nature of cryptocurrencies and he amended his statement that Bitcoin is a virtual currency. It is funny how the politicians don’t fully understand Bitcoin but still fear that it can undermine the monopoly that the state has over money and the financial policies.  For a number of reasons, we have now seen that the United States and India and now Brazil have spun the rhetoric of Bitcoin as the major force of evil.

As reported in the coming altcoin news, there is some more evidence of the ignorance of the Brazilian president towards crypto but towards the economy as well since the reports show that he is considering a single currency for the continent of South America. The main consideration is looking at a joint currency for Argentina with other counties in South America to join on a later date.

If the Euro project comes as a success across the Atlantic, it is mainly because some of the democracies and economies in the developed countries in the world are propping it up. If Portugal, Spain, Ireland, and Italy struggled despite the support of Germany and France, what can these countries expect?