The National Bank for Social Development of Brazil will launch a pilot for a stablecoin known as the BNDES token. The new token will be running on the Ethereum blockchain and will be supported 1: 1 by the Brazilian real. The information was released a few days ago from the institution at CoinDesk.
The Brazilian bank owned by the state launches the Crypto Pilot for BNDES
During 2018 numerous new stablecoins were launched on the market. But it seems that there are new institutions that are entering the encrypted and stablecoin market. The National Bank for Social Development of Brazil, owned by the state, will launch a pilot project in January 2019 for its own stablecoin. This stable digital asset will be linked to the Brazilian real.
However, this is not the first time that the company decides to test a stablecoin. In the past, it has experimented throughout 2018. ConsenSys will be one of the companies that will help the bank develop this currency.
A few weeks ago, Joseph Lubin, the founder of ConsenSys, informed that the design studio at Ethereum will focus on architecture and token design. The financial institution will release BNDES to the National Film Agency, a company known as Ancine. He will create films in Brazil and other contents.
With the BNDES it might be possible to reduce the scandal involving bribes and corruption in the agency. With blockchain technology, information can not be modified or modified as in other systems. Brazil has experienced corruption scandals in recent years and DLP (distributed ledger technology) could play an important role in stopping it.
Vanessa Almeida, responsible for the development of BNDES systems, commented on the National Taxpayers Registry:
"We have a kind 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".
Ale Van De Sande, developer of the Ethereum Foundation, has played an important role in the development of this project. Directors working for Ancine will collect and share their financial documents using this network. At the same time, they will also be able to redeem the stablecoin through this bank.
There are many other stablecoin that have been launched in the market in recent months. Currency USD (USDC), TrueUSD (TUSD), Gemini Dollar (GUSD) or Paxos Standard (PAX) are just a few examples.
This development shows that there are financial institutions ready to work with blockchain technology and digital resources. In the future, new companies may be interested in using DLT and cryptocurrencies for their projects.