According to CoinDesk, the Central Bank of Brazil (BCB) has selected 13 participants to enter the second phase of its central bank digital currency (CBDC) Real Digital pilot. The BCB will oversee 11 projects and the Brazilian Securities and Exchange Commission (CVM) will oversee two projects.

Visa will work with Brazilian broker XP and digital bank Nubank to optimize the foreign exchange market, and Spanish banking giant Santander will participate in a project to decarbonize automotive operations and loans.

Other participants include Bradesco, Itaú Unibanco and local stock exchange B3. BCB said a new round of applications will be open in the third quarter of 2024 and that testing of the implementation of smart contracts is expected in the first half of 2025.

In May 2023, BCB selected 14 participants to enter the first phase of Real Digital.