He Central Bank of Brazil (BC) announced that the companies that will participate in the central bank digital currency pilot project (CBDC) in the country, a list of more than 100 companies that includes Banco Santander, Microsoft or Visa.
According to the BC, the participants were chosen among 36 offers submitted by individual companies and consortia “that add up to more than 100 institutions”. “The initial selection includes representatives of financial institutions from the prudential segments S1 to S4, payment institutions, cooperatives, public banks, cryptoactive service developers, financial market infrastructure operators, and payment agreement institutions,” they highlight.
Among these firms are, in addition to those already mentioned, the Brazilian banks Bradesco, Nubank, Banco Inter, Itáu Unibanco or Banco do Brasil.
In what phase is the digital real
In the current phase of the digital real pilot, the central bank will test the privacy and programmability functionalities of its platform through a single use case: a delivery-versus-payment protocol for federal public securities.
The Brazilian CBDC pilot was officially announced in 2022. The value of the digital real would be pegged to the national fiat currency, the Brazilian real. If approved, it would have a fixed supply and would be minted over time. Roberto Campos Neto, governor of the BC, pointed out that he still believes that ‘cryptos’ are more used as a form of investment than a form of payment, while he added that it could change if the adoption of these assets increases.
More than 100 countries are studying the development of a CBDC, with some like Japan having already launched their pilot program. Last month, Montenegro announced that it would develop a testing program together with Ripple.
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.