Descrição de chapéu tecnologia

Cryptocurrency company partnered with indigenous people for carbon credit, and Funai saw risks

Enterprise wanted to convert credits into crypto assets to be sold to individuals; 'we decided to stop the project', says partner


A document from Funai (National Foundation of Indigenous Peoples), obtained by Folha, points out the performance of a company from the cryptocurrency market in an indigenous land in Pará, which involved the elaboration of a contract draft for the generation of carbon credits in the territory. These credits would be converted into crypto assets to be offered for sale.

In the document, Funai recommended that the contract not be carried out and that the Aikewara Suruí, from the Sororó Indigenous Land, be guided on "the risks inherent in accepting such a commitment", mainly due to "the history of the company and its legal representative".

General view of the Amazon rainforest as seen from the city of Canaa dos Carajas, Para state, Brazil on May 17, 2023 - Mauro Pimentel/AFP

The company is Green Forever —with the corporate name Green Tecnologia Ambiental—, headquartered in Parauapebas (PA). It is part of the group Green Forever Coin, which operates in the cryptocurrency market, an asset restricted to digital environments. Green Forever Coin launched a digital asset — a utility token, according to the company — called GFCO2, which was offered for sale both on the company's website and in a fundraising campaign.

This asset would serve to offset the carbon footprint, according to the announcement made. After the contact made by Folha's reporting team, the Green Forever Coin website, with the GFCO2 offer, was taken offline.

The campaign for the sale of the asset, with a goal of raising R$ 1.5 million, remained online until mid-afternoon last Friday (14). The contract with the indigenous people was suspended, according to João Álvaro Dias, one of the owners of Green Forever. The territory is in São Geraldo do Araguaia (PA), on the border with Tocantins. The city is 185km from Parauapebas, where the company is located.

Translated by Cassy Dias

Read the article in the original language.