Buildcoin, innovation from Brazil.
São Paulo as a one of the biggest metropolis in Brazil, wants to use cryptocurrencies to solve infrastructure problems.
Buildcoin, is a name for a token that Brazilian state plans to pay engineers for a feasibility studies – coindesk reports.
In the beginning, São Paulo wants to test their idea. With the help of CG/LA Infrastructure (which will provide experts) and the Buildcoin Foundation, they want to renovate their outdated public lightning system. Experts will be paid with the Buildcoin. Probably, you are asking why anyone would accept token, instead of regular money. Investors hope that when the project will grow, the token could be redeemable for other services, for example, personal training. If concept will be successful, can be used by every government, which suffers from lack of money for investment.
And as Hélcio Tokeshi (secretary of the treasury for the state of São Paulo) said to the Coindesk:
“We like innovation in São Paulo, and blockchain and cryptocurrencies are being followed as extremely interesting innovations that we had to start experimenting with,”
That way probably can attract more experts from around the world. Paying them with a cryptocurrency will be cheaper, faster and more transparent for both sides. Especially with the model presented in Brazil. They suggest that, you’re evaluated by other participating users and paid by your contribution to work.
This is opposite than, what we can find in Europe, where for any price, governments try to regulate cryptocurrencies. Brazil not only does not fight with digital assets, but wants to “go with the times” and use blockchain as a new “wheel” to move their infrastructure forward.
Using blockchain technology for economic development is something what all governments should consider, right?
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