Brazilian authorities propose to tokenize mined gold

The upcoming bill involves the implementation of trading operations with precious metals into the blockchain

13.08.2022 - 09:45

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What’s new? The Brazilian government is drafting a bill under which all gold mined in the country will be tokenized. According to local media outlet Boletim Bitcoin, the document aims to establish new rules for trading operations with gold, which will then be registered on the blockchain. The draft was introduced by Federal Representative Joenia Wapichana, who noted that about half of the precious metal’s production comes from illegal operations.

Boletim Bitcoin’s material

What else is known about the new bill? Brazil’s National Mining Agency will implement a single digital security system. Also, all gold buying and selling transactions will be put on the blockchain. This system will create special alerts to verify the legitimacy of transactions. Technical details on the implementation of the project have not yet been reported.

In June, the Central African Republic (CAR) reported plans to tokenize access to its natural resources. President Faustin-Archange Touadéra said that the authorities would offer this service to all crypto projects that operate in the country. Also in late April, the CAR National Assembly passed a bill recognizing bitcoin as a legal tender. According to the authorities, this decision will help rebuild the country’s economy.

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