Brazil introduces bill to tokenize gold on blockchain

Brazil, the biggest country in South America, has passed a new bill to tokenize all gold mined in the country. The new bill was initiated by Brazil’s first indigenous lawyer, Joenia Wapichana. The bill intends to eliminate cases of illegal mining ravaging the country. Also, the bill is geared toward bringing clarity to the country’s mining industry.

The country is working towards making illegal mining difficult for perpetrators. According to Federal Deputy Wapichana, the initiation of the bill becomes necessary as the average metal mining in the country emerges from illicit activities. Wapichana also stated that nearly half of the gold produced at the national level comes from Amazon.

The bill claims that the menace of illegal mining had caused mercury contamination, violence, and deforestation. It submitted that the national and international press and various civil society organizations fighting for the preservation of forests have, over time, decried the development.

However, the new bill, if implemented, will address the situation. As observed, it reiterates the embracement of tokenization to help reduce the impact of gold mining on the environment. Similarly, the new bill avails a profound knowledge of the need to tokenize gold mining in Brazil.

The bill provides that gold bought, sold, or traded in Brazil must be registered on a blockchain. However, the blockchain to be used for the registration and its technical details have not been revealed.

The National Mining Agency will enforce a single digital system with secure records. The system will utilize blockchain technology to merge all data and processes of mineral operations with supplementary electronic records. Also, transactions and sales will be recorded to enable the creation of alerts for easy assessment.

Meanwhile, the initiation of the bill is coming amidst the launching of Vinteum, a non-profit bitcoin research firm in the country. Recall that the firm entered Brazil to promote the decentralization of open source networks. Vinteum will provide infrastructures with the necessary training and funding required by open-source developers in Brazil.

As reported, Vinteum’s decision to launch the center in Brazil is one of its efforts to safeguard the Bitcoin ecosystem. The firm is confident that bitcoin is a deserving network due to its diversified use cases. The firm is now looking for developers who can sustain the scaling of the Bitcoin ecosystem.

The developers must be able to aid the network’s security, privacy, and programmability. It believes an investment in proficient open-source developers will foster the Bitcoin and Lightning Network. Similarly, Vinteum intends to safeguard and maintain the next generation of Bitcoin developers.

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