Future for State-Backed Brazilian Token Issuance Unclear as Bank Sees Leadership Reshuffle
Cointelegraph By Samuel Haig's original article for cointelegraph.com reduced by 51%
Moreira Montezano has also known both President Bolsnaro and his family personally since childhood, having grown up in the same condominium as the president in Tijuca, Rio.Tension between Levy and BolsonaroLevy's resignation was prompted by Bolsonaro's anger with the former president's appointment of Marcos Barbosa Pinto to the position of director of BNDES Capital Markets - an entity that is responsible for managing a portfolio valued at more than 100 billion Brazilian real. BNDES to finance documentary using cryptoOn June 3, Brazilian publication State of Sao Paulo reported that film producer Elo Company had participated in a proof of concept for the BNDESToken initiative. BNDESToken is slated to comprise an ether-based stablecoin backed by the Brazilian real that the BNDES plans to use to finance the production of a documentary produced alongside Elo Company.
The project will see the development bank issue the tokens to fund purchases necessitated by the film, with the BNDES also facilitating the exchange of said tokens for fiat currency. BNDES trials token issuanceThe proof of concept saw Elo Company simulate the payment of four screenwriters, with Brazil's National Cinema Agency also participating in the project. Brazilian institutions explore blockchainOn May 30, BNDES systems analyst Fabiano Mattos published an opinion piece praising the BNDES' adoption of distributed ledger technology.
"This system would allow the whole operational track to be followed - including the financial details - from disbursement of the financing, to the client's suppliers and other counterparties. Finally, those suppliers could exchange the token for fiat currency at BNDES. It is thus publicly and irrefutably possible for a citizen, and society as a whole, to monitor the disbursements of public money made by the BNDES - and also to see the impact of this action on the various actors of the Brazilian economy.
BNDESToken would vastly improve the way we can measure effectiveness of BNDES funding..
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