cryptonews.net
The Central Bank of Brazil has chosen Itaú Unibanco to work on its decentralized finance (DeFi) liquidity pool. The move is part of the massive Financial and Technological Innovation and Technology Lab (LIFT), a government program aimed at expanding financial inclusion.
The platform using blockchain and smart contracts will allow the custody and exchange of tokens, such as stablecoins tied to the real, U.S. dollar or other fiat currencies, the central bank said in a statement released Friday.
In January, it was announced that it plans to draw attention to asset tokenization, which converts financial products into tokens, and also offers cryptocurrency custody services to its customers. The Central Bank of Brazil announced seven other projects, including Easy Hash, which aims to tokenize financial assets in the segment to decentralize credit risk among several creditors.
Image: Retail Banker International