Brazil's President, Jair Bolsonaro, has come out publicly in opposition to bitcoin.
The Brazilian president commented on cryptocurrency being used to bank indigenous people in Brazil.
During a conversation centered on the challenges of his new presidency, Bolsonaro talked about projects created by his predecessor's administration.
The shutdown of the cryptocurrency project was one of the first actions taken by Bolsonaro's administration.
This is the first time the leader commented about bitcoin in public although Brazil is one of the most active countries in Latin America's blockchain sphere.
Despite the president's initial ignorance of bitcoin, the growing cryptocurrency and blockchain ecosystem in Brazil is impossible to ignore.
Bolsonaro's administration itself also showed certain preferences for blockchain.
Back in February, the leader appointed an economist involved in blockchain and cryptocurrency to run the Central Bank of Brazil.
Currently, Brazil is one of the biggest cryptocurrency markets in Latin America and has the highest bitcoin trading volume in all the region, reaching nearly 100,000 BTC in April alone.
Bolsonaro's ideology inspired a group of supporters to create an alt-right cryptocurrency named after him, the Bolsocoin, whose apparent goal is to "Get mainstream attention and rages [sic] antifa and feminist scum."
Brazilian President Rebuffs Cryptocurrency as His Administration Explores Blockchain
gepubliceerd op Jun 12, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.