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Brazil's new law requires the use of blockchain technology to regulate gold mining and trading processes



Time:8/13/2022 12:22:54 PM

[Brazil's new bill requires the use of blockchain technology to regulate gold mining and trading processes] On August 13, a new bill proposed by Brazilian Federal Representative Joenia Wapichana requires all gold mined in the country to be represented on the blockchain. Tokenization to increase transparency in the industry and combat informal mining practices. It is reported that about half of gold mining in Brazil comes from illegal operations.

The plan aims to establish new regulations for the purchase, sale and trading of gold in Brazil, which will then be registered on the blockchain. To improve inspection measures and increase transparency in the industry, the National Mining Authority is also mandated to implement a single digital system for secure recording using blockchain technology to integrate all mining operations data and processes, including additional electronic records of transactions and sales and documentation and even allows you to create alerts for inspection. The relevant document does not provide technical details of its implementation, nor does it mention which blockchain network to use. (Cryptoglobe)

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