Spain Bank Santander Proposes Increased Use Of CBDC

Santander, a Spanish bank, has suggested using tokenization with the digital real, a potential Brazilian cryptocurrency, to ease property purchases. The idea, which is part of the LIFT challenge, would make it easier for Brazilians to sell real estate and automobiles.

Santander, one of the world’s major financial organizations, has recommended enhancing the use case of Brazil’s planned central bank digital currency (CDBC), the digital real.

Santander is utilizing Parfin technology to tokenize the property rights of the assets in a transaction while also managing the exchange of the money, in this example, the digital real, for the property.

The goal of this project is to streamline the procedures of trading with various types of property via the platform. According to Jayme Chataque, Executive Superintendent of Santander Open Finance:

“The idea is that, through tokenization, Brazilians can safely negotiate the sale of vehicles or real estate through smart contracts, on permissioned blockchain networks.”

The proposal is part of the LIFT challenge, a series of projects chosen by the Brazilian Central Bank to identify viable use cases for the digital real, which is set to begin in 2024.

Santander is not the only institution participating in the LIFT challenge; eight other initiatives were chosen to evaluate the viability of conducting numerous ideas utilizing the digital real as a platform.

This year, other organizations, such as the popular exchange Mercado Bitcoin, are suggesting similar ideas. Visa do Brazil is also taking part in a plan to deploy a decentralized finance system to give financing to small and medium-sized businesses utilizing the digital real. There is also a plan to implement offline payments utilizing the previously described CBDC, allowing buyers and sellers to interact without using the internet.

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