New Brazil bill wants to tokenise mined gold on blockchain

Lawmaker further stated that the blockchain would help the country to keep the track of the industry.

The law proposes new regulations aimed at precious metals transactions and transportation.
The law proposes new regulations aimed at precious metals transactions and transportation.

Joenia Wapichana, Brazil’s Federal Deputy has put forth a measure to tokenise gold extracted there using blockchain technology, as reported by Cryptoslate.

Wapichana asserted that the nation ought to be able to account for gold mining operations taking place on its soil. The law proposes new regulations aimed at precious metals transactions and transportation.

Additionally, the bill would aid in the fight against unauthorised mining throughout the nation.

Nearly half of the nation’s gold is mined illegally, the lawmaker noted. She further stated that the effects of mining on the ecosystem had gotten worse due to illicit mining activities. “These operations are accompanied by mercury contamination, violence, and deforestation, as has been frequently reported by the national and international press, and by civil society organisations that fight for the protection of the forest and the guarantee of indigenous rights,” Wapichana stated.

She further stated that the blockchain would help the country to keep the track of the industry.

“The National Mining Agency (can) implement a single digital system, with secure records, using blockchain technologies, to consolidate all data and processes of mineral operations with the additional electronic records and documentation on transactions and sales,” she further added.

As per Cryptoslate, the lawmaker did not make any mention of a favoured blockchain for the tokenisation procedure.

However, this is not the first time that governments are using the blockchain to tackle the illegal mining of its natural resources. Earlier, the Central African Republic recently stated that it is considering tokenising natural resources. The country is intending to tokenise the resources enabling more people to access them. 

The National Land Registry of Colombia now includes a digital land registry built on Ripple’s XRPL platform. The country’s land difficulties will be resolved with the use of the blockchain solution.

(With insights from Cryptoslate)

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