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Bolsonaro spurns Cryptocurrency, crafts his own ideology ‘Bolsocoin’

Bitcoin that has been the most fascinating among the traders and investors, has been badly criticized by Brazil’s President, Jair Bolsonaro. In a recent interview aired on national television, Jair Bolsonaro talks about Cryptocurrency that is being used to bank indigenous people in Brazil.

During his conversation about the new challenges on his new presidency, Bolsonaro gave a talk about the projects created by the administration under previous presidency. One of the most important things he talks about is the $11.5 million project on the “indigenous Cryptocurrency”. Bolsonaro said, “We are cutting expenses. We were about to use 40 million Reales to teach natives to use Bitcoin.”

One of the most astonishing thing he said was, “I don’t know, is it a coin?” about the Bitcoin. This project has been created by The National Indian Foundation (Funai) and the Fluminense Federal University (UFF) to help the bank Brazil’s indigenous people. This project has been vetoed by Ministry of Human Rights, Women and Family of Brazil in January.

Further, this project has been shut down by the Bolsonaro’s administration under his presidency. Although Brazil has been the most active countries in Blockchain sphere of Latin America but it has been the first time the leader of the country has said something about the Bitcoin in public.

Though the reaction of President was not good, but the growing Blockchain technology in Brazil can’t be ignored. Some preferences have also been shown by Bolsonaro’s administration. An economist has been hired by the leader who is involved in Blockchain and Cryptocurrency to run the Brazil’s Central Bank.

Well, this isn’t the first time the Brazilian leader is connected with Bitcoin. This ideology of Bolsonaro has inspired a group of supporters to create an alt-right Cryptocurrency named Bolsocoin that is purposed to “get mainstream attention and rages [sic] Antifa and feminist scum.”

About Anushree Goswami

Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

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