The state-owned Brazilian National Social Development Bank intends to issue a cryptocurrency token tied to the Brazilian real. It is reported by CoinDesk.
The pilot project for the production of a token BNDES based on Ethereum will start in January next year. At first, the coin will be used to finance cultural institutions. In particular, the bank will allocate a certain number of new tokens to the local cinema agency.
As the newspaper notes, the bank conducted experiments with steyblecoin throughout 2018. The consultant of the project for the release of a new “stable coin” will be the well-known Ethereum start-up ConsenSys.
According to representatives of the bank, the issue of the BNDES coin will help restore public confidence in Brazilian state banks, which are often criticized due to corruption scandals.
Also, the bank is confident that in the future, stablecoin can be used to finance organizations and projects from various fields.
Note that recently in Brazil there has been a trend towards liberalization of the regulation of cryptoindustry. For example, in October, the Brazilian Securities Commission allowed local investment companies to invest in a cryptocurrency ecosystem through the acquisition of derivatives and shares in foreign funds. It is noteworthy that at the beginning of the year the same financial regulator announced the prohibition of both direct investment in cryptocurrency and indirect investment through intermediaries in the person of foreign companies.