Spain-based Banco Santander has proposed a project to Brazil’s central bank to use asset tokenization in conjunction with a proposed Brazilian cryptocurrency, the digital real, to facilitate real estate transactions.
The proposal is part of a series of projects selected by Brazil’s central bank to find suitable use cases for the country’s digital currency, expected to launch in 2024.
It is reported that Santander is using technology from another company, Parfin, to tokenize the property rights of assets in transactions, while managing the transaction of currency. The goal of the project is to simplify the transaction process of different types of property through the platform.