BRAZILIAN AUTHORITIES CANCELED THE PROJECT FOR THE CREATION OF CRYPTOCURRENCY FOR INDIGENOUS PEOPLE

Jair Messias Bolsonaro, new President of Brazil, criticized the investment projects adopted under his predecessor and announced the abolition of the state contract for the creation of cryptocurrency for indigenous people. It was planned to allocate about $12 million from the national budget for the implementation of the project.

According to local media, just a few days before the presidential Cabinet left Michel Temer, the national Indian Foundation of Brazil signed a contract with the Federal University of Fluminense. The agreement provided for the allocation of about $ 12 million from the federal budget.

According to the newspaper “O Globo”, the authorities broke the contract due to lack of technical analysis and lack of accurate justification of the project.

In October, the Brazilian financial regulator allowed local investment funds to invest in the cryptocurrency ecosystem through derivatives and foreign funds.

In June, it became known that Brazil may have a new blockchain platform for the safe exchange of information between the financial institutions of the country.