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Ethereum News: The National Bank for Social Development of Brazil announced its plan to issue a stablecoin based on the Ethereum blockchain. Dubbed BNDES, the token will be pegged to the national currency and its only unit will be backed by a unit from the Brazilian Real.
The pilot of the same will be launched in January 2019. Hosted on the Ethereum network, the bank has performed many experiments with the currency for all of this year. It will serve as a tax-deductible contribution to the institutions. ConsenSys is involved in the project, although the extension of its involvement has not been disclosed at the moment.
The announcement is in line with the list of Priorities ConsenSys recently established by Joe Lubin. The founder of ConsenSys stated that the company will renew its focus and now aims to evolve as an advisory blockchain specialized in token design and architecture.
The pilot
Hundreds of dollars in BNDES will be released to the Brazilian National Film Agency during the pilot. The film distribution company, generally known as EI Cin, will use the funds to create and promote the production of films and screenplays in Brazil.
This new system has evolved to eradicate the current problems with the wrong allocation of funds and the rumors of corruption that have afflicted the current Brazilian banking scene. Transparency through decentralized technology will help to regain public trust.
The National Taxpayers Registry (Cadastro Nacional da Pessoa Jurídica, or CNPJ) will use an electronic identification certificate, a widely accepted document for such transactions. Vanessa Almeida, responsible for the development of the project, said:
"We can use smart contracts to apply the rules only companies that are working with the cinema industry will be able to use. We have an existing identifier in Brazil that is authorized to send tokens to companies that will have to sign with the certificate. In this way, we would like to know which address to send the token to. "
Alex Van, a developer of the Ethereum Foundation, was primarily involved in completing the project. With the current project, filmmakers associated with EI Cine will be able to gather and share financial records in real time. Recipients will redeem the stablecoins via the bank and receive the local currency in return.
The collected data can be used to inform or develop future use of cases. Information can guide public policies by giving the government a better map of the economy.
To find out more: Ethereum and EOS are even better than TRON – Weiss Assessments
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