President of Brazil: I don't know what Bitcoin is, but I will oppose it.

Brazilian President Jair Bolsonaro recently blamed the cancellation of a local cryptocurrency project on Bitcoin, although we don't know what the project is. Today, the president is considering developing a South American version of the "Euro." Photo-1516306580123-e6e52b1b7b5f

Image source: unsplash

Brazilian bank's cryptocurrency

The project, which has a size of BRL 45 million ($11.5 million), plans to introduce a cryptocurrency for use by Aboriginal people who do not have access to banking services, which has now been suspended by the government. The reason? Borsonaro criticized the cryptocurrency shortly after taking office.

Borsonaro’s racist attitude towards Brazilian aborigines is widely known and even promotes genocide. In addition, he also promised to reduce the protection of their land, he said:

"Indians don't speak our language, they don't have money, they don't have culture. They are indigenous peoples. How do they get 13% of the country's territory?"

Obviously, for Borsonaro, it is more attractive to provide funding to Aboriginal people in the form of cryptocurrencies, simply because they have stolen their land without money.

Teach Indians to use. . . Excuse me, what is bitcoin?

In a television interview this week, Borsonaro expressed support when asked about the cancellation of the project . His reason is that the project "wanted to teach Indians how to use bitcoin." When asked what the mysterious bitcoin is, he replied:

"I don't know what Bitcoin is."

After the interview, Borsonaro listened to a consultant's briefing and revised his statement. “Bitcoin is a virtual currency,” he proudly declared.

What is politician and this statement? They don't fully understand Bitcoin, but they still worry that Bitcoin will undermine the country's monopoly on money. For various reasons, we have seen the United States, India (allegedly) and now Brazil all describe this term bitcoin as an evil force.

However, South America’s “Eurozone”…

It further proves that Borsonaro is not only ignorant of the password, but also has no evidence of the entire economics, from his report on the use of a single currency for the South American continent. The Brazilian president’s initial consideration was to establish a common currency with Argentina, while other South American countries joined later.

If the euro plan seems to be successful on the other side of the Atlantic, it is because some of the world's most advanced democracies and economies are tirelessly supporting it. Even with the support of France and Germany, if Portugal, Italy, Ireland and Spain (we don't mention Greece) are in trouble, who will save the euro?

Venezuela, Argentina, and even Brazil itself. If the largest economies in the South American continent are already in trouble, it is a disaster to link them together in a single currency.

You know, South America already has a single currency in use… bitcoin. Brazilians are buying at an unprecedented rate, undoubtedly to hedge against Borsonaro's monetary policy.