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Brazil’s President Bolsonaro and Central Bank Clearly Differ on Crypto Adoption

Brazil's President Bolsonaro and Central Bank Clearly Differ on Crypto Adoption (1)

Brazil’s cryptocurrency uptake may not have been helped by the country’s new president Jair Bolsonaro who seems to know absolutely nothing about crypto. But his head of banking clearly does.

“I don’t know. Is it a coin?” Brazil’s new leader recently asked, when Bitcoin was put to him. However, his administration has taken up previous president Michel Miguel Elias Temer’s lead, who, when in office, had proposed a cryptocurrency which could be used by Brazil’s unbanked indigenous population.

Although Temer was officially Brazil’s most unpopular president whose term presided over corruption, his proposed so-dubbed BNDES token seemed like a step in the right direction. On taking up his new office, far right winger President Bolsonara made his views crystal clear:

“We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin.”

That project, brainchild of the National Indian Foundation (Funai) and the Fluminese Federal University, was vetoed by Brazil’s Ministry of Human Rights, Family, and Women in January,

Roberto Campos, the Central Bank of Brazil’s number one has clearly, unlike Bolsorano, spent some time at least investigating cryptocurrencies and their functions, also commenting in a letter to the Brazilian Senate to suggest that this future market could well include blockchain and digital assets at some level:

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.”

Earlier this month, the President of the Chamber of Deputies of Brazil issued an order to establish a commission that would study cryptocurrency regulation in the country. Last May, the Brazilian Internal Revenue Service put up new tax rules for crypto, which makes it mandatory to report transactions worth over BRL 30,000 (USD 7,600) every month.

 

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Turning Back the Clock: Investor Pays Almost $20,000 a Bitcoin in Trading Gaffe

Turning Back The Clock: Investor Pays Almost ,000 A Bitcoin In Trading Gaff

Due to a glitch this week, a small Brazilian cryptocurrency exchange turned back the clock selling cryptocurrency at 2017 prices which finally hit USD 19,000 by the end of the day.

The problem was down to a local exchange TemBTC selling to a trader who placed a large market order, which effectively “cleaned” the platform’s thinly-traded order book. Records indicate that Bitcoin was also bought for USD 16,000, USD 13,000, and USD 10,000 before mirroring the 2017 peak rate.

TemBTC’s founder Renato Abreu said that the order was placed by “someone with little knowledge who issued a large market order.” The episode saw the trader pay a price above that of bitcoin’s all-time high on Brazilian exchanges, which was of USD 18,900 in December of 2017.

Luckily for the trader, he was buying a small amount purchasing 0.0047 BTC for 340 Brazilian reals, which at the time was worth about USD 91 rather than its value of less than USD 15 on other local exchanges. At that price, a Bitcoin would have cost the buyer over USD 19,400.

Brazil has experienced a groundswell of interest in cryptocurrency despite the country’s new president, Jair Bolsonaro, recently shutting down an indigenous cryptocurrency project. Bolsonaro’s pledge to open the “black box” of contracts and projects by state-owned economic development bank BNDES and other institutions does not augur well for the country’s indigenous population, who stood to gain from the issue of their own regional cryptocurrency as part of an innovative project to support minorities.

TemBTC, like other exchanges, has gained much encouragement from the rising levels of cryptocurrency trading in Brazil, with their daily trading volume reportedly hitting 2,000 BTC recently. Abreu indicated that the volume increase has been due to the “registration of large players” on the exchange.

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