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Brazilian President Jair Bolsonaro: ‘I Do Not Know What Bitcoin Is’

Where the Bitcoin is grabbing the attention all over the world, The Brazilian President, Jair Bolsonaro has stated that he does not know what Bitcoin (BTC) is, and endorsed the suspension of a project that would create crypto for indigenous people to use.

Jair Messias Bolsonaro is also a retired Military officer and 38th President of Brazil since January 1, 2019. He became known to Public in 1986, When he wrote an article for Veja Magazine criticizing low wages for military officer's after which he was arrested and detained for 15 days. One year later he was accused by the same magazine of planning to plant bombs in military units, that he denied.

Bolsonaro supported the Minister of Women, Family and Human Rights, Damares Alves in the termination of a project worth 44.9 million Brazilian reals ($11.5 million) between the National Indian Foundation (FUNAI) and the Federal Fluminense University (UFF), which promoted the creation of a cryptocurrency for indigenous people to use. It was also news. According to local news outlet-

Estadão, on January 2, the country's Minister of Human Rights, Family and Women, Damares Alves, vetoed a project that included the development of the "indigenous cryptocurrency."

Dameres Regina Alves is an Attorney and evangelical pastor, Family and women in the presidency of Jair Bolsonaro. She is the 2nd female Minister appointed to the new government and work as an adviser in policymaking.

On June 4 Bolsonaro was interviewed at Ratinho's SBT show, presented by Ratinho(Carlos Massa) where he delivered his comments.

After saying that the Minister acted appropriately in blocking the project that 'wanted to teach the Indian to use bitcoin,' the President was asked by a show participant if he knew what bitcoin was. Bolsonaro replied:

"I do not know what bitcoin is."

Shortly after the speech, Bolsonaro rectified his statement and said that bitcoin was a "virtual currency."

Over his career, Bolsonaro has made several controversial statements regarding indigenous people in Brazil and promised to roll back protections on their lands. One of them-

"It's a shame that the Brazilian cavalry hasn't been as efficient as the Americans, who exterminated the Indians." Brazilian newspaper, April 12, 1998.

Why $12 Million project for the Indigenous Cryptocurrency blocked?

"As the contract wasn't assigned through a traditional bidding process but through a direct contract signed by the National Indian Foundation (FUNAI) and the Fluminense Federal University (UFF)" said Wallace Bastos, the President of FUNAI.

It also seems like India, is not ready for cryptocurrency acceptance as Indian Foreign minister Sushma Swaraj Once explained, "we cannot have any trade in cryptocurrency as it is banned by the RBI. We will see which medium we can use for trade." she said during a conference designed to highlight ties between her country, Venezuela and Iran.

Indian Finance Minister, Arun Jaitley, in his budget speech (feb.01.18), stated that "the government will do everything to discontinue the illegal use of Bitcoin and other virtual currencies in India." he reiterated that India does not recognize them as legal tender and will instead encourage blockchain technology in the payment system.

In late May, the President of the Chamber of Deputies of Brazil, Deputy Rodrigo Maia ordered the establishment of a commission to consider cryptocurrency regulation in the country. The commission will be composed of 34 members in accordance with the House Rules of Procedure.

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