Former Brazilian President Criticised A Project Offering Cryptocurrency For Native Individuals.

Former Brazilian President Criticised A Project Offering Cryptocurrency For Native Individuals.

2019-01-08 | Selina Mathew

Former Brazilian President Criticised A Project Offering Cryptocurrency For Native Individuals.

In a recent official tweet 'published', the new Brazilian president ‘Jair Bolsonaro’, who has formally taken work-office a week ago, has criticized a project offering to make a cryptocurrency for native individuals

Former Brazilian President Criticised A Project Offering Cryptocurrency For Native Individuals.

Bolsonaro claimed that the new govt. will soon open “a black box” — a relevance to an airplane’s flight recorder — of contracts and projects by state-owned economic development bank BNDES along with several other institutions. He mentioned that the recent project reaching to make a digital currency for the native population of Brazil has already been terminated by the Govt.

In line with the native daily newspaper ‘Estadao’, simply a couple of days before previous president Michel Temer left work-office, the FUNAI [National Indian Foundation of Brazil] had signed a crypto-related contract with public educational institution the Fluminense Federal University. The project needed the solicitation of around $11.7 Mln from the federal budget.

As per native crypto outlet 'Portal do Bitcoin', the contract, among another things, offered to make a cryptocurrency that might circulate among the native population of the country. The budget therefore enclosed articles on a practicableness study and development of the platform for the cryptocurrency.

However, earlier on 3rd Jan., the govt. suspended the project, as the contract was signed improperly and lacked technical analysis, Brazilian newspaper 'O Globo' reported. Moreover, the govt. thought-about that the contract had been signed too quickly and entailed considerable expenditure.

BNDES, a bank linked to Brazil’s Ministry of Development, Business and Trade, is answerable for long-run projects aimed at developing the country.

As reported earlier in Dec., the institution conjointly thought-about launching a stablecoin tied to the Brazilian real to trace public cash transactions and alter larger 'transparency' for the country, that has long been combating public corruption.

The so-dubbed BNDES token, supported Ethereum blockchain, was expected to launch in 2019. However, at the reporting time, it’s not straightaway clear whether or not the stablecoin project has also been suspended by the Govt. or not.

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