Future for State-Backed Brazilian Token Issuance Unclear as Bank Sees Leadership Reshuffle

Turmoil over the leadership of the Brazilian Development Bank may pose challenges to cryptocurrency trials.
On June 18, Brazil’s National Bank for Economic and Social Development (BNDES) announced the election of Finance Director José Flavio Ferreira Ramos as its interim president. Ramos will serve as the BNDES head until the inauguration of 38-year-old Gustavo Henrique Moreira Montezano, a former economist and the current deputy secretary of privatization and disinvestment. Montezano’s appointment followed two meetings on June 17 between Brazilian President Jair Bolsonaro and the country’s minister of the economy

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