Brazil Launches Blockchain Technology To Monitor Public Expenditure

Brazil Releases Blockchain System To Track Public Expenditure
The Latin American country government, Brazil, has launched a blockchain technology to ensure transparency of public expenditures. As different nations adopt cryptocurrencies either as a legal tender or enforce a bill to regulate them, Brazil has not been left out. El Salvador set the pace for the adoption of Bitcoin as a legal tender and the Central Africa Republic followed the path of El Salvador. While some other nations such as the United States of America and the United Kingdom are working on implementing cryptocurrency bills.

At press time on the global cryptocurrency exchange, Gate.io, the Bitcoin price live is $31,688, and the world's number one cryptocurrency is up by 3.67% in the last 24 hours. Bitcoin started on a bullish trend this week. You can buy, sell, trade, and hold bitcoin using the Gate.io exchange, a top 10 cryptocurrency exchange platform.

However, as bitcoin is up, altcoins have followed the same path. BTC has different trading pairs on the Gate.io exchange platform and because of its store of value and limited supply, that is why some organizations are accepting it as a means of payment, some nations are considering adopting it as a legal tender and the largest country in Latin America has joined other nations

Can Blockchain Be Used To Fight Corruption In Brazil?

Brazil is among the top 10 countries in the world with the largest owners of cryptocurrencies and in February, the Brazilian Senate’s Economic Affairs Committee unanimously approved the cryptocurrency bill that will regulate cryptocurrency trading and activities in the country. The bill was to pass through the national congress and then be submitted to the President for him to sign it into the law.

The bill was aimed at curbing crime in the cryptocurrency industry such as money laundering and stated the responsibilities of cryptocurrency service providers in Brazil among many other goals. You can buy cryptocurrencies on the Gate.io exchange. In April, the Brazilian Senate passed the first bill of cryptocurrency regulation and this must be approved by the Chamber of Deputies and finally signed by the President, Jair Bolsonaro. The Senate President Rodrigo, who chaired the session that approved the bill said that “I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.” This was a bullish move by the Brazilian government for the crypto community in Brazil.

Moreover, on May 30th, the Brazilian Government launched a blockchain technology that will help the government to track public expenditures. This is already seen in different Latin American countries like Argentina, Peru, and Columbia where the citizens can audit the state activities. The goal of the government is to use the decentralized advantage of the blockchain system to eradicate corruption in the public sector. The government has faced corruption over the years and this is one of the ways the government is putting efforts, so as to ensure transparency and curb the level of corruption in the country.

This was made possible by the partnership between the Court of Accounts of Uniam (TCU) and the Brazilian Development Bank (BNDES). The Brazilian Blockchain Network (RBB) is still undergoing development but will be used initially in the public sector for the government to effectively trace public expenditure. According to the president of Uniam’s TCU, Ana Arraes, the initiative of using blockchain technology was promoted during the second half of 2019. She further added that the initiative had found its way to the top of government discussions because of its benefits during the audit process of public data.

Could the blockchain be the beginning of a new tool for the governments of various nations to curb corruption? Are politicians across various nations willing to adopt blockchain technology in the public sector, so as to track public expenditure?