Brazilian bank will develop its own stablecoin in 2019

A bank based in Brazil announced plans to issue a situation, which would be to maintain a value equivalent to the currency of national circulation.

The National Bank of Social Development of Brazil will present a pilot test in January 2019 when it will launch the BNDES token, which is an operation in the Blockchain of Ethereum and will have the backing of the Brazilian reals.

The bank made the tests through out this year with the stability and maintenance of the use of it for the handling of taxes. The development of this initiative will have the support of ConsenSys, which will be a company tha twill provide advice during the process.

However, at this time its operations model is being rethought in the Latin American territory, the company is assured and its focus on consulting quality is renewed for Blockchain projects, which specialize in the design of systems and cards.

For this first phase of tests, the bank will issue several hundred dollars in BNDES tokens, which are allocated to the National Film Agency. It is expected that with this capital the organization promotes the creation of screenplays and film productions in the country.

As a secondary benefit, bank operators await the launch of this new digital currency. This test uses the electronic identification certificates issued in the National Taxpayers Registry (CNSP), which are in the official records.

Vanessa Almeida, manager of systems development at BNDES, said:

We can enforce the rules using smart contracts. The company that receives the money the investment. The information obtained in the film industry. We have a type of identification in Brazil that uses a certificate to send chips to the company. The operation with the certificate. This we have advance knowledge of the address to which the assets will be sent.

This is a project with the help of the programmer of the Ethereum Foundation, Alex Van De Sande. The purpose is tohelp the filmmakers. Token holders can only exchange them for legal tender money through the bank.

Source: BNDES , Coincrispy

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