In Could, Verra, the Washington-based non-profit physique that units voluntary carbon credit score requirements, put restrictions on the tokenization of carbon credit. Right this moment Verra launched a consultation that runs till October 2, with proposals on how blockchain tokenization might work. Its purpose is to handle fraud, double spending of carbon credits, and a scarcity of know-your-client (KYC) processes within the crypto sector.
The Toucan Protocol was launched in late 2021, and by Could this 12 months, it had tokenized 21 million tonnes of carbon, estimated to signify 2.25% of whole credit. A number of different blockchain initiatives are primarily based on Toucan tokens. When Toucan turned conscious of the deliberate session, however earlier than the small print had been introduced, it was receptive.
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