Brazil’s Federal Deputy Joenia Wapichana has proposed a bill to tokenize gold mined in the country via blockchain technology. According to Wapichana, the country should be able to account for gold mining activities within its territory. The bill introduces new legislation targeting transactions involving precious metals and their transportation.
The bill would also help to combat illegal mining activities within the country. The lawmaker pointed out that around half of the country’s gold is mined illegally. She added that the illegal mining activities had worsened the environmental impact of mining. According to her, “the National Mining Agency (can) implement a single digital system, with secure records, using blockchain technologies, to consolidate all data and processes of mineral operations with the additional electronic records and documentation on transactions and sales.”#togrp7