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Brazilian Development Bank collaborates with TCU to complete development of Brazilian Blockchain Network

The Brazilian Development Bank collaborated with the Court of Accounts of the Union (TCU),  a constitutional institution of the Brazilian government, to complete the development of the Brazilian Blockchain Network. The partnership, which was formed through a memorandum of understanding, establishes a completion date for the project, which should be completed in five years.

The collaboration agreement between these two organisations implies that each will work on the subject independently, without transferring resources. The agreement, signed by Gustavo Henrique Moreira Montezano, Ricardo Wiering de Barros (executive director of the BNDES), and Ana Arraes (president of the Union’s Court of Accounts), establishes a 60-month deadline for the completion of the joint project.

Gladstone Arantes, a director of the Brazilian Development Bank, explained the network’s importance as a foundation for the development of other projects on top of it. The goal of this project, according to Arantes, will be to stop creating new projects from scratch and instead use a common platform for all public purposes.

One of the objectives for this is to improve the public administration’s controller system, increasing transparency of public spending, which would be reflected in the blockchain. The collaboration with the Union’s Court of Accounts is a step in the right direction.

The Brazilian government recently announced that it will conduct a pilot test for its CBDC this year, and the Brazilian Congress is also expected to approve a unified cryptocurrency legal framework in the coming months.

Read more:

Brazil aims to pass crypto legal framework by end of second quarter

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