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BNDES to launch own cryptocurrency

Banco Nacional de Desenvolvimento Econômico e Social plans to launch its own virtual currency, named "Trubudget," in the next few weeks, Reuters reported, citing Planning Director Carlos Costa.

The cryptocurrency will only be valid for transactions done by the Brazilian development bank and will be used by credit borrowers to pay their suppliers. BNDES should implement Trubudget in May, the report said.

Trubudget will be initially inaugurated with operations involving the Amazon Fund, which supports sustainable initiatives and the preservation of the Amazon rainforest. The Amazon Fund is managed by BNDES and has European countries as its main sponsors.

The entry of BNDES into the cryptocurrency market will give more transparency to the bank's operations since borrowed funds can be electronically monitored by the bank, Costa said.