Brazil bans the creation of indigenous cryptocurrency
The project for the creation of a cryptocurrency for indigenous peoples was suspended by the Ministry of Women, Family and Human Rights
Through an agreement, the National Indian Foundation of Brazil (Funai) granted the Fluminense Federal University a budget of 44 million reais for the project to create an indigenous cryptocurrency as well as the study of the corresponding platform.
However, the contract for the development of “Bitcoin del Indio”, as it would be called the digital currency, was suspended by Damares Alces, head of the Ministry of Women, Family and Human Rights. This was reported by the local media at the beginning of 2019.
The cryptocurrency was conceived as a means of exchange between the Brazilian indigenous population. However, the entire project was vetoed because, according to Minister Alces, the high budget had to go through a bidding process instead of being awarded directly as it was done.
Wallace Bastos, president of the institution, has denied that it is a contract without bidding, noting that they adopted a Decentralized Execution Term (DET), a figure provided for in the country’s legislation.
Additionally, some Funai officials questioned the proposal arguing that it is a diversion of resources and that the necessary technical analysis has not been carried out.
M.Pino
Source: Infocoin
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