Future Finance Minister Fernando Haddad has already criticized one country’s use of bitcoin as legal tender.
This Friday (9), the financial market followed Luiz Inácio Lula da Silva’s announcement to his prime ministers, who are in the process of compiling his third term in office.
The first names are now starting to be absorbed by the financial and cryptocurrency market.
Fernando Haddad has already criticized the adoption of bitcoin as a currency in El Salvador
University professor, Brazil’s 2018 presidential candidate, and future finance minister, Fernando Haddad’s trajectory begins to be trodden in Brazil’s quest to recover its economy, in a moment of global crisis.
It is not yet clear what the plans of the new Lula minister are to solve the high inflation in the country and improve the quality of life of the population, which is part of the government project of the president-elect during his campaign.
What is clear, however, is that under Haddad’s leadership, bitcoin is unlikely to gain a foothold in Brazil as legal tender.
For example, in 2021, El Salvador was the first country to adopt the currency. Seeing the situation, the day before the law came into effect in the Central American country, Fernando Haddad criticized the adoption of bitcoin in El Salvador’s economy.
“If nothing is done, the countries of Latin America will lose sovereignty over their currencies one by one. The US wants a euro without the EU, that is, a dollarized LA with a wall separating us from the north. worst case scenario. Only one non-submissive Brazilian can curb this tendency.”
If nothing is done, the countries of Latin America will lose sovereignty over their currencies one by one. The US wants a euro without the EU, ie a dollarized LA with a wall separating us from the north. The worst case scenario. Only a non-submissive Brazil can curb this trend.https://t.co/pcCMpHJcOu
— Fernando Haddad (@Haddad_Fernando) September 6, 2021
Bitcoin critic, blockchain enthusiast
The global bitcoin community has understood that the digital currency holds promise in countries, especially those with weak currencies or those that do not have their own currency.
However, Fernando Haddad has already shown that Brazil should not give up the sovereignty of its currency, the Brazilian real. The speech will remain in line with the current management of the Central Bank of Brazil, which plans to install the digital Real precisely to cope with the rise of bitcoin in the country.
Despite being a critic of bitcoin and an opponent of financial technology, Haddad has already registered his government plan on blockchain.
After choosing his name for the economy, he published that he intends to help rebuild Brazil, with development and social justice.
Let’s rebuild Brazil together along the path of development and social justice.
🇧🇷 @ricardostuckert pic.twitter.com/zQknB4vqP7— Fernando Haddad (@Haddad_Fernando) December 9, 2022
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
