Brazilian Congressman Joenia Wapichana Proposed A bill to tokenize domestically mined gold using blockchain technology.
According to Wapichana, the country should be able to account for gold mining activity within its territory. The bill introduces new legislation covering transactions involving precious metals and their transportation.
The bill will also help combat illegal mining activities in the country.
Lawmakers noted that about half of the country’s gold is mined illegally.
“These operations involve mercury pollution, violence and deforestation, which are frequently reported by national and international press and civil society organizations fighting to protect forests and ensure the rights of indigenous peoples. .”
Wapichana said he believes the use of blockchain technology will help the country keep track of the industry.
According to her, “Using blockchain technology, the National Mining Administration will implement a single digital system with secure records to provide additional electronic records and documentation of transactions and sales to mineral operations. We can integrate all the data and processes of
Meanwhile, lawmakers did not specify a preferred blockchain for the tokenization process.
Governments Adopting Blockchain Solutions
While the bill would be a novel application of blockchain technology in Brazil, it is not the first time the country has considered the idea of using blockchain technology to track natural resources.
The Central African Republic recently revealed that it is considering tokenizing its natural resources. Bitcoin-supporting nations plan to tokenize their resources to make them accessible to more people.
Colombia has integrated the digital land register that built Bin Ripple’s XRPL ledger into its national land register. Blockchain solutions help countries solve their land problems.
