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Soon a new cryptographic token will be released in Brazil, designed to maintain parity with the national currency from a state-owned bank.
As reported by CoinDesk, the Brazilian National Social Development Bank will launch a pilot at the beginning of next year. The token will be doubled as BNDES and will pass through the Ethereum blockchain and be supported 1 per 1 by the nation's currency, the Brazilian real. Some tests have been done for the new stablecoin for all of this year and now we will use it to deduct taxes for cultural institutions.
ConsenSys by Joseph Lubin, will be just one of the companies that will consult the bank during the launch of the new stablecoin. For the pilot, the banks will issue several hundred dollars of the new token for the film distribution company, National Firm Agency (sometimes known as Ancine for short) to create and promote scripts and film products in Brazil.
Since the bank has a history of corruption scandals involving badly allocated funds and alleged bribes, the pilot designers hope that the public BNDES blockchain data will be useful for improving the confidence factors for the nation's state banks.
A systems development manager, Vanessa Almeida, spoke on the subject by saying: "We can apply the rules using smart contracts: the company that receives the money can only spend it with the companies that work in the [film] sector." Almeida then discussed the identifiers of the CPNJ by adding "We have some sort of identity document in Brazil that has a certificate to send a token to the company, the company must sign with this certificate … we will know in advance which address you can send tokens".
Ethereum gives a helping hand
Thanks to the help of the developer of the Ethereum Foundation, Alex Van De Sande, the project had a beginning. De Sande has allowed non-profit associate directors to get and share their financial records in real time.
"This information can help drive public policies and they will have a better map of this sector of the economy" said Almeida, regarding the possibility that transaction data will be exploited to develop and inform future use cases.
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