Brazil launches blockchain-based digital identity; Invesco and Galaxy file for Spot Ether ETF; Georgia considers Ripple for CBDC!
Brazil launches national identity programme using blockchain technology
More than 214 million citizens will soon be using blockchain-based digital IDs, the Brazilian government has announced.
Rio de Janeiro, Goiás and Paraná will be the first states to use blockchain IDs developed by Sepro. In a decree published on 25 September, the entire country will be able to issue identity documents using blockchain technology by 6 November.
According to Alexandre Amorim, president of Serpro, blockchain’s decentralized and immutable nature made it the ideal technology for the country’s identity project.
“Blockchain technology plays a critical role in protecting personal data and preventing fraud, providing a more secure digital experience for Brazilian citizens. The b-Cadastros blockchain platform significantly increases the security and reliability of the national ID card project.”
According to the government, the ID project is essential to fight organized crime, enable public sector collaboration, provide an easy way to access services and streamline administrative records.
Brazil has been working for several years to bring 30 states together on identity. According to the announcement, the new move will ensure a more secure data exchange.
Another major development in the country is the upcoming CBDC. The government released more information about the project in August, renaming the digital currency Drex.
Invesco and Galaxy file for Spot Ether ETF
Financial firms continue to show interest in ETFs.
Bloomberg ETF analyst James Seyffart announced the filing on X, although the filing was not announced by the SEC.
A spokesman for Invesco declined to confirm the filing, saying he could not comment on the matter.
With this filing, Invesco and Galaxy join the ranks of companies awaiting approval for a spot Ether ETF. On 27 September, the SEC delayed its decisions on applications from Ark 21Shares and VanEck, extending the deadline to 25 and 26 December. The regulator said it needed more time to address potential issues that may arise.
Valkyrie is one of the companies to launch a crypto futures ETF. The asset manager announced that its existing product has been rebranded as the Bitcoin and Ether Strategy ETF. A spokesperson for the company emphasised that investors will have access to ether and bitcoin futures in a single package.
Georgia considers Ripple for CBDC
The National Bank of Georgia (NBG) has announced that it will advance its digital lari research in a live, limited access pilot environment. Nine companies, including Ripple Labs, will participate in the project, one of which will be selected to proceed to the next phase of testing.
In a document published in February, NBG said it was considering a two-tier design for CBDC, with wallets provided by a third party. This design will be programmable and support asset tokenisation.
In an interview in June, Varlam Ebanoidze, NBG’s head of fintech, said that use cases for the digital lari or GEL include agricultural insurance and the automation of real estate transactions. Ebanoidze added that:
“We are considering integration with the European Union and we want to be interoperable with the digital euro, but have monetary freedom.”
NBG announced that it intends to release a CBDC in May 2021. However, it did not provide a timeline. In January, the NBG announced that it was seeking expressions of interest from fintech companies to participate in a limited live pilot.
NBG announced on 8 September that it will participate as an observer in the Bank for International Settlements’ (BIS) mBridge project, which covers China, Hong Kong, Thailand and the United Arab Emirates. NBG said it will also benefit from the knowledge and expertise of the BIS’s Aurum project.
In addition to Ripple, other participants in the pilot include Augentic, Bitt, Broxus Holdings, Currency Network, DCM, eCurrency Mint, FARI Solutions and Sovereign Wallet. Ripple is known for its active involvement in CBDC projects around the world in countries such as Colombia, Montenegro, Hong Kong, Bhutan and Palau.
