Brazilian National Social Development Bank had revealed that it will be launching a pilot for a stablecoin, BNDES token, at the beginning of the next year. BNDES token is pegged 1:1 to the official currency of Brazil, Brazilian Real. Although its pilot is expected to launch in January 2019, the bank has been testing and experimenting with the stablecoin throughout the year.
BNDES is built upon Ethereum blockchain. BlockPublisher reached out to UX designer at Ethereum, Alexandre Van de Sande, for getting his point of view on the future of BNDES. Alexandre Van de Sande had participated in the making of BNDES token. He was glad to provide help and contribute his expertise for the project. He was asked about the potential of this stablecoin as the crypto market is already down and there are already numerous stablecoins listed on exchanges. While addressing all these queries, Alexandre stated:
It’s not about what impact it’ll have on the crypto market, but how useful it’ll be for the Brazilian institutions.
Brazilian National Social Development Bank will be issuing BNDES tokens to a film distribution company called Ancine, during the pilot. The tokens which will be of several hundred dollars’ worth are expected to be used for promoting and creating movies and scripts in the country.
As people have been questioning the handling of public funds in Brazil, stablecoin is expected to play a substantial role against corruption. Apart from corruption, the point highlighted by Alex Van De Sande should be noted that stablecoin will open immense possibilities to be useful for the Brazilian institutions.