Bolsonaro Cancels Indigenous Crypto Plan in Brazil

Bolsonaro Cancels Indigenous Crypto Plan in Brazil

Brazilian president Jair Blosonaro has announced it will cancel a project to create a cryptocurrency for indigenous people according to a tweet published by himself.

Bolsonaro, who took office a week ago, claimed he will reveal all dark contracts made by previous governments. Including a project signed by ex-president Michel Temer just before he left office.

“With a few days of government, not only the black box of the BNDES, but boxes on other organs are being opened and will be disclosed,” says Bolsonaro’s tweet. “Many contracts have been undone and will be exposed, such as 44 million Brazilian reals to create an indigenous cryptocurrency that has been barred by Minister Damares and others.”

On January 3rd, the government suspended the project claiming the contract was issued wrongly and with lack of technical analysis and detailed description. However, the project was an agreement between the National Indian Foundation of Brazil, the government, and Fluminense Federal University to open the research.

Bolsonaro’s government claims the project was signed directly with not a due process including a legal bidding process.

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