SEATTLE, November 3, 2021 / PRNewswire / – Brazil is the latest country to consider digital currency as legal tender. The Lithosphere cryptocurrency platform developed by KaJ Laboratories, a Seattle blockchain company, has started discussions with the Central Bank of Brazil to associate on the country‘s true digital deployment.
Brazil has been exploring central bank digital currencies (CBDCs) since 2020. CBDCs are the digital version of a nation‘s fiat currency which‘s issued by its central financial authority. The presidents of Banco Central do Brasil (BCB) indicated that the central bank “make progress “on the plans for digitizing the Brazilian real and could release the digital currency from the Central Bank as early as 2022, provided that the infrastructure and conditions necessary for the implementation of the digital currency are met.
The country‘s PIX instant payment system launched in Nov 2020. The PIX system improves the speed of interbank payments and makes them less expensive for individuals, businesses and government entities. PIX allows users to transfer and receive payments through a smartphone in seconds, even on non-working days. It has the potential to form the backbone of a larger CBDC, fostering financial inclusion, increased security, convenience, efficiency, innovation and financial tools for those without accounts. traditional banking.
Lithosphere will help distributed ledger (DLT) technology, bond tokenization and wholesale payment token using its custom blockchain interoperability solutions. The lawsuit with the Central Bank of Brazil will explore the two forms of token money to settle bond or bond transactions, to be issued, settled and cleared on an authorized blockchain.
“KaJ Laboratories will focus on how interoperability could be achieved between various CBDCs and other DLT solutions, âsaid KaJ Laboratories founder, JoÃ«l Kasr.
Roberto Campos Neto, President of the Central Bank of Brazil, said the country must have an efficient, instant and interoperable payment system that can be internationally convertible to implement digital currency. Interoperability between multiple portfolios is just one aspect of the Lithosphere network‘s built-in benefits.
The KaJ Labs Foundation is committed to promoting the causes of social responsibility as part of its philosophy. He donated a total of $ 95 million to Ripple‘Legal defense fund against the SEC and other organizations facing similar lawsuits. The SEC alleges that Ripple Labs offered an unregistered currency or an illegal IPO.
Ripple won against many claims made by the SEC, but several pending petitions have been filed which have‘has not yet been tried. The earliest a decision could be rendered is in March 2022, but this does not seem likely if the court rules on pending applications after the discovery period.
The technology developed by Ripple featured a network for fast and low-cost cross-border money transfers in the form of XRP cryptocurrency. The digital coin paved the way for innovations like Lithosphere, the first blockchain technology to be powered by AI and deep neural networks (DNN) for smart smart contracts and a novel Distributed Key Management Myriad (MDKM) for key management.
Lithosphere has earned a reputation as the future of cryptocurrency by financial industry experts and tech visionaries. The trial partnership with the Central Bank of Brazil launching a true digital CBDC marks another major achievement in the company‘the evolution, innovation and importance of s in the cryptocurrency environment.
Lithosphere is a next-generation platform for decentralized cross-chain applications powered by AI and Deep Learning.
On KaJ Laboratories
KaJ Laboratories is a decentralized research organization focused on artificial intelligence and blockchain technology. We are determined to create innovative products that work for the greatest good around the world.
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