Last week, BV Bank, which specializes in the field of auto loans in Brazil, announced that it is testing a tokenized system to automate the car sales and financing process. The test, conducted in conjunction with Consensys and Parfin, the providers and designers of the platform's smart contracts, will evaluate the benefits of using tokenized currencies for car payments.
The first phase of the test involves accelerating consumer-to-consumer car transactions in a simulated environment using tokenized currencies and digital certificates of car ownership. The tests are intended to provide a working platform to speed up related operations after the launch of Brazil's central bank digital currency Drex. (Bitcoin.com)