Jair Bolsonaro, Brazil’s Presidet, has rejected publicly against bitcoin.

In an interview aired on national television, the Brazilian head of state talked about cryptocurrency being utilized to bank native people in Brazil. Throughout a conversation fixated the obstacles of his new presidency, Bolsonaro talked about tasks created by his precursor’s administration. Among the initiatives was an $11.5 million task that aimed to create an “indigenous cryptocurrency”.

“We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin,” he claimed. In fact, Bolsonaro said, he does not even recognize what bitcoin is.

“I don’t know,” he said. “Is it a coin?”

The National Indian Foundation (Funai) and the Fluminense Federal University (UFF) created the task in order assistance financial institution Brazil’s native people. The nation’s Ministry of Human Rights, Household and Female vetoed it in January.

The closure of the cryptocurrency task was among the initial activities taken by Bolsonaro’s administration. This is the first time the leader commented regarding bitcoin in public although Brazil is among the most energetic countries in Latin America’s blockchain ball.

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