The Central Bank of Brazil (BCB) is working with Banco Inter, Microsoft’s Brazilian subsidiary, 7COMm, and Chainlink to develop its central bank digital currency (CBDC) framework. The goal is to support trade finance solutions and a Brazilian DREX pilot program. In the second stage, they will focus on automating cross-border settlement of commodity-related transactions using blockchain technology and oracles.
The test will use the Chainlink Cross-Chain Interoperability Protocol (CCIP) to enable seamless interactions between the Brazilian DREX platform and foreign central banks. The pilot project aims to demonstrate how blockchain-based trade finance enables advance payment (Delivery versus Payment, DvP) and Payment versus Payment (PvP) mechanisms, which can improve efficiency, security, and transparency in the global supply chain.
The BCB aims to expand market access and strengthen Brazil’s economic position with this initiative.
Source
<p>The post Brazil’s CBDC Partnership Aims to Revolutionize Trade Finance and Supply Chain Management first appeared on CoinBuzzFeed.</p>