Jair Bolsonaro, Brazil’s president is the most recent political figure to criticize bitcoin (BTC) and other crypto coins. Earlier this month, he took time for an interview where he talked about the crypto sector among other issues. While he aired strong opinions about crypto, he seemed to lack basic knowledge on what bitcoin is.
According to a report, Jair’s administration does not share his opinions. Allegedly, it has continued working on blockchain and crypto projects that started under the former president’s rule.
In the interview, Jair said that one of his challenges is a blockchain project that was launched by the previous government. The program was developed by the National Indian Foundation (Funai) and the Fluminense Federal University. It seeks to create a crypto coin that Brazil’s unbanked populations could use.
We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin,
When asked what bitcoin was? He answered,
I don’t know. Is it a coin?
Brazil’s Central Bank Head Among the Pro-crypto Administrators
While Jair proved to be anti-crypto, his administration comprises individuals who have worked within the crypto space.
Roberto Campos, the head of the Central Bank of Brazil is a crypto enthusiast. In February, he wrote a letter to the country’s Senate noting that he seeks to improve Brazil’s financial systems. According to him, doing this could involve crypto coins and the blockchain as some point.
I have studied and dedicated intensely to the design of what will be the financial system of the future. I participated in studies on blockchain and digital assets. One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, where technologies advance exponentially, generating more rapid transformations,
The Significance of Jair’s Anti-crypto Sentiments
Brazil plays a big role in the global crypto and blockchain industries. The country is one of the biggest crypto markets in Latin America. On April 23, an inflation spike in the country saw bitcoin trading volumes increase. Reportedly, Brazilian crypto exchanges traded over 100,000 BTC within 24 hours.
Jair’s negative approach towards crypto could easily affect crypto markets across the globe. Shutting down the country’s crypto project will also slow down crypto adoption.
This news comes after Ripple, the firm behind creating XRP opened a new office in Brazil. This move aims to offer support to the growing customer base in the country. Also, it would allow banks and payment providers to make instant cross-border payments using the blockchain.
Do you think Jair Bolsonaro’s anti-crypto stance will slow down crypto adoption in Brazil? Let us know in the comments below.