Member of the Brazilian Chamber of Deputies Yoenia Vapishana proposed tokenize gold and use blockchain to prevent illegal mining and sale of this precious metal.
Joênia Wapichana is known as a blockchain and digital asset friendly politician. She is convinced that the correct use of the blockchain can bring great benefits to the country. Recently, a member of the legislature said that she was very worried about illegal gold mining in the country, in particular, in the Amazon basin, which is the richest in this metal. According to Vapishana, 50% of the gold sold by the country comes from this region.
Vapishana is also concerned that the activities of gold miners are damaging the environment, as forests are cut down in the search for minerals. The official believes that gold tokenization will solve the problem of illegal mining of this metal, and the blockchain will allow transparent tracking of its entire supply chain.
Therefore, Vapishana proposed to create a single system based on the blockchain, in which information about the mined gold will be entered, and through which its sale will be carried out. To do this, it is necessary to make the necessary amendments to the country’s legislation, added Vapishana.
The idea of tokenizing natural resources also came up this summer with the government of the Central African Republic (CAR). It believes that this will attract funds from foreign investors and accelerate the adoption of crypto assets in the country. In 2020, Circle CEO Jeremy Allaire suggested that within a few years, asset tokenization will gain popularity as it is an effective way to increase liquidity.
Source: Bits
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