CRYPTOCURRENCY UPDATES: BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN. | VERY USEFUL 5 MIN READ:

BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN
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CRYPTOCURRENCY UPDATES: BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN.

BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN, WE WILL DISCUSS THIS IN DETAIL.

BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN IN DETAIL:

THE LARGEST NATION IN SOUTH AMERICA, BRAZIL, JUST PASSED A NEW LAW TO TOKENIZE ALL GOLD EXTRACTED THERE. JOANNA WAPICHANA, THE FIRST INDIGENOUS LAWYER IN BRAZIL, PROPOSED THE NEW LEGISLATION. THE BILL AIMS TO END THE DESTRUCTIVE CASES OF ILLEGAL MINING PLAGUING THE NATION. THE BILL ALSO AIMS TO MAKE THE NATION’S MINING INDUSTRY MORE TRANSPARENT.

BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN
BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN.

THE NATION IS ATTEMPTING TO MAKE IT CHALLENGING FOR THOSE WHO ENGAGE IN UNLAWFUL MINING. THE INTRODUCTION OF THE MEASURE, ACCORDING TO FEDERAL DEPUTY WAPICHANA, IS IMPORTANT BECAUSE THE MAJORITY OF METAL MINING IN THE NATION COMES FROM ILLEGAL ACTIVITIES. WAPICHANA ADDED THAT AMAZON SUPPLIES ABOUT HALF OF THE NATION’S GOLD PRODUCTION.

THE THREAT OF UNLAWFUL MINING IS BLAMED FOR MERCURY POISONING, VIOLENCE, AND DEFORESTATION, ACCORDING TO THE BILL. IT SAID THAT THROUGHOUT TIME, THE NATIONAL AND INTERNATIONAL PRESS AS WELL AS OTHER CIVIL SOCIETY ORGANISATIONS WORKING TO PROTECT FORESTS HAVE CONDEMNED THE DEVELOPMENT.

BUT IF THE NEW LAW IS PUT INTO EFFECT, IT WILL DEAL WITH THE PROBLEM. AS SAID, IT REITERATES THE ADOPTION OF TOKENIZATION TO ASSIST LESSEN THE ENVIRONMENTAL IMPACT OF GOLD MINING. SIMILAR TO THIS, THE NEW MEASURE DEMONSTRATES A THOROUGH UNDERSTANDING OF THE REQUIREMENT TO TOKENIZE GOLD MINING IN BRAZIL.

ACCORDING TO THE MEASURE, ANY GOLD TRADED, ACQUIRED, OR SOLD IN BRAZIL MUST BE REGISTERED ON A BLOCKCHAIN. THE TECHNICAL SPECIFICATIONS OF THE BLOCKCHAIN THAT WILL BE UTILISED FOR REGISTRATION, HOWEVER, HAVE NOT BEEN MADE PUBLIC.

THE NATIONAL MINING AGENCY WILL IMPOSE A SINGLE, SAFE DIGITAL SYSTEM. THE SYSTEM WILL USE BLOCKCHAIN TECHNOLOGY TO COMBINE ALL INFORMATION AND PROCEDURES RELATED TO MINING OPERATIONS WITH ADDITIONAL DIGITAL DOCUMENTS. ADDITIONALLY, SALES AND TRANSACTIONS WILL BE TRACKED SO THAT ALERTS CAN BE CREATED FOR SIMPLE EVALUATION.

THE BILL’S INTRODUCTION COINCIDES WITH THE COUNTRY’S FIRST NON-PROFIT BITCOIN RESEARCH ORGANISATION, VINTEUM, BEING ESTABLISHED. RECALL THAT THE COMPANY WENT INTO BRAZIL IN ORDER TO ADVANCE OPEN SOURCE NETWORKS’ DECENTRALISATION. INFRASTRUCTURES WITH THE MONEY AND TRAINING NEEDED FOR BRAZILIAN OPEN-SOURCE DEVELOPERS WILL BE MADE AVAILABLE BY VINTEUM.

AS PREVIOUSLY SAID, ONE OF VINTEUM’S INITIATIVES TO PROTECT THE BITCOIN ECOSYSTEM IS THE DECISION TO OPEN THE CENTRE IN BRAZIL.

DUE TO THE VARIETY OF USE CASES FOR BITCOIN, THE COMPANY IS CONFIDENT IN ITS VIABILITY AS A NETWORK. IN ORDER TO MAINTAIN THE SCALING OF THE BITCOIN ECOSYSTEM, THE COMPANY IS CURRENTLY HIRING DEVELOPERS.

THE PROGRAMMABILITY, SECURITY, AND PRIVACY OF THE NETWORK MUST ALL BE ENHANCED BY THE CREATORS. IT THINKS THAT FUNDING SKILLED OPEN-SOURCE DEVELOPERS WILL ADVANCE THE LIGHTNING NETWORK AND BITCOIN. SIMILAR TO THIS, VINTEUM WANTS TO PROTECT AND SUPPORT THE UPCOMING GENERATION OF BITCOIN DEVELOPERS.

CONCLUSION ON BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN:

TO CONCLUDE ON BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN, WHICH IS A GOOD MOVE TO ELIMINATE ILLEGAL MINING.

BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN
BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN.

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CRYPTOCURRENCY UPDATES: BRAZIL PROPOSES LEGISLATION TO TOKENIZE GOLD ON THE BLOCKCHAIN. | VERY USEFUL 5 MIN READ:

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