Santander Proposes Project to Tokenize and Trade Properties With the Brazilian CBDC

Santander, the Spain-based financial institution, has offered a challenge to make use of tokenization in tandem with the digital actual, the proposed Brazilian cryptocurrency, with a view to facilitate property transactions. The proposal, a part of the LIFT problem, can be centered on simplifying the sale of actual property properties and automobiles for the Brazilian inhabitants.

Santander Proposes Tokenization Platform for Assets

Santander, one of many largest banking establishments with a presence everywhere in the world, has offered a proposal to boost the use case of the proposed central financial institution digital foreign money (CDBC), the digital actual, in Brazil. Santander is utilizing know-how coming from one other firm, Parfin, to tokenize the property rights of the belongings in a transaction, and on the identical time handle the change of the foreign money, on this case, the digital actual, for the property.

The goal of this challenge is to streamline the processes of transacting with completely different sorts of property via the platform. About this, Jayme Chataque, Executive Superintendent of Open Finance of Santander, stated:

The thought is that, via tokenization, Brazilians can safely negotiate the sale of automobiles or actual property via good contracts, on permissioned blockchain networks.

The proposal is a part of the LIFT problem, a sequence of initiatives chosen by the Central Bank of Brazil to seek out appropriate use instances for the digital actual, that’s anticipated to launch in 2024.

More Crypto Projects

Santander shouldn’t be the one establishment that’s a part of the LIFT problem, as different eight initiatives have been selected with the thought of testing the feasibility of working a number of proposals utilizing the digital actual as a platform.

Other establishments reminiscent of Mercado Bitcoin, a well-liked change, are proposing related options this 12 months. Visa do Brazil can also be collaborating with a proposal to make use of a decentralized finance protocol as a approach of providing to finance small and medium corporations utilizing the digital actual. There is even a proposal that introduces offline funds utilizing the talked about CBDC, permitting patrons and sellers to transact with no web.

Santander has additionally been open to together with cryptocurrency providers in its service portfolio. The firm announced in June it might be opening the door for purchasers to commerce crypto within the coming months in Brazil. In March, Santander informed it was partnering with Agrotoken, an agricultural commodity tokenization firm, to open a pilot for providing loans backed by these agricultural tokens in Argentina.

What do you consider Santander’s digital real-focused asset tokenization and buying and selling challenge? Tell us within the feedback part beneath.