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The project aims to streamline the processes of transactions with different types of assets through the platform.
SantanderOne of the largest banking institutions in the world has proposed to broaden the scope of the potential use of digital reals as a central bank digital currency.CBDC) in Brazil.
Santander is leveraging technology from another company, ParFin, to mark property ownership rights in transactions and handle the exchange of currency, in this case, virtual currency for assets.
Santander’s latest CBDC proposal is part of the LIFT challenge, a series of projects selected by the Central Bank of Brazil to find suitable applications for the digital real, which is expected to launch in 2024.
According to Jayme Chatak, executive superintendent of Open Finance at Santander, the project aims to streamline the processes of transactions with different types of assets through the platform.
“The idea is that, with tokenization, Brazilians can negotiate the sale of vehicles or real estate via smart contracts on a securely licensed blockchain network,” he said.
Santander now joins a long list of institutions lift challengeBecause the other eight projects were selected with the idea of testing the feasibility of running multiple proposals using Digital Real as a platform.
Other institutions, including the popular crypto exchange Mercado Bitcoin, are proposing similar solutions this year. Visa do Brazil is also participating in a proposal that seeks to implement a decentralized finance protocol offering to fund small and medium-sized businesses using digital reals.
There is also a plan that will use the above mentioned CBDC to launch offline payments, enabling buyers and sellers to trade without the need for internet.
Santander is also set to add cryptocurrency services to its range of offerings. The business announced in June that it would soon allow consumers in Brazil to exchange cryptocurrency in the coming months. The bank said that it is currently building the necessary infrastructure to make crypto market access available to institutional and individual customers.
Santander announced again in March that it was collaborating with AgroToken, a business that creates tokens of agricultural commodities, to launch a trial program for an Argentine loan offering secured by these tokens.
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