Santander’s Proposal Will Tokenize Brazilian CBDC, Trade Properties
The Spanish bank, Santander, has presented a proposal that brings the Brazilian digital Real to light. The bank wants to tokenize the CBDC to use it in property trades.
Ease of Doing Business
The said proposal was part of the LIFT program. It will be used to make property and vehicle purchase easy for Brazilians.
Santander is one of the biggest financial institutions in the world. It has a heavy presence with business operations across the globe. Its presentation in Brazil will improve the use case for the upcoming digital Real.
Santander is collaborating with Parfin on this proposal for the actual tokenization. Parfin will help tokenize the deeds of those properties involved in the transaction. It will also manage the transactions of the CBDC for the properties.
The aim of the project is to simply transaction means for the various types of properties via the banking platform. Santander’s Superintendent of Open Finance, Jayme Chataque, explained this further. He said the basic idea is to simply carry out vehicle and property negotiations and sales.
Through the tokenization effort, Brazilians will be able to engage in negotiations safely. They would use smart contracts every process of the way, Chataque said. It will be carried out on blockchain networks with full permission.
The Brazilian LIFT
The proposal was submitted for the Brazilian LIFT program challenge. LIFT is a program of the Brazilian central bank for companies to develop use cases for the upcoming CBDC. The digital Real is expected to be launched later in 2024.
There are a number of other companies in the LIFT program other than Santander. Eight other projects were selected by the central bank. The idea is to test-run many projects while using the digital Real as the payment and transaction model.
Other companies selected include Mercado Bitcoin, a crypto exchange platform. It proposes a similar solution to that of Santander.
Another company in the race is Visa do Brazil. It proposes using decentralized finance systems as a means of offering finance to small and medium enterprises using the CBDC.
There is also a proposal that brought the possibility of offline payments. It uses the CBDC and permits sellers and buyers to transact without the internet.
Santander is also open to the idea of adding crypto services to its list of offerings. The bank said in June that it would soon begin crypto services for customers in Brazil. It announced earlier in March that it will partner with Agrotoken to offer loans in Argentina.
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