Brazilian President Shuts Down Cryptocurrency Development Project

Brazilian President Shuts Down Cryptocurrency Development Project

Jair Bolsonaro, the new Brazilian President, has made a Twitter announcement that the Government has canceled the native cryptocurrency project in Brazil.

The president has shut down the $12 million project stating that it was unfairly awarded to the bidders. He has claimed that the project was directly given to the National Indian Foundation (Funai) and the Fluminense Federal University (UFF) without following a formal bidding process.

Criticizing the move, Bolsonaro has also stated that the new government will open a black-box which will supervise all state-owned projects and contracts coming under the BNDES, the development bank of Brazil, and other institutions.

According to Estadao, a Brazilian News platform, the cryptocurrency development project was also declined by Damares Alves, the Minister of Human Rights, Family, and Women.