The Brazilian National Social Development Bank will be launching the BNDES token which will make it the first stablecoin to be pegged to the Brazillian Real. What is even more interesting is that the Brazilian bank will use Ethereum’s ecosystem to issue the Stablecoin.
The pilot will launch on January 2019 and will be 1:1 to the Brazilian Real. The Brazilian bank is confident about the stablecoin gave that was used in the year of 2018 to experiment it.
The primary use case of the token will be for tax-deductible contributions to cultural institutions where the first tokens will be issued to the National Film Agency. Several hundreds of Dollars worth of BNDES will be given to Ancine, a film distribution company to help in their script making and promotion.
ConsenSys will be responsible for consulting the Brazilian bank in the whole process of implementing to ensuring it is suitably circulated.
The development of the Brazilian National Social Development Bank implementing a stablecoin on Ethereum’s platform is bound to help both Cryptocurrency adoption and Ethereum in the vast country of Brazil.
Brazil is known to have corrupted government-run banks such as the Brazillian National Social Development Bank, and so stablecoins are bound to keep things intact and reduce corruption. Overall if it does work, the bank can erase the bad image it has in the public’s eye.
With institutions such as Ancine implementing the BNDES stablecoin, it will show financial records in real time thanks to Ethereum Foundation developer Alex Van De Sande.
The future looks more transparent and bright thanks to Blockchain and Cryptocurrency.
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