Brazil's Central Bank Selects 13 Firms to Test Real Digital Currency Pilot
TL;DR
- Brazil's central bank has selected 13 participants for the second phase of its CBDC pilot, Real Digital, focusing on innovative financial services and smart contracts.
- Notable participants include Visa and Santander, with plans to test smart contract implementation by mid-2025.
Brazil's central bank (BCB) is advancing its central bank digital currency (CBDC) initiative, Real Digital, with the selection of 13 participants for the second phase of its pilot program. This phase, named Drex, aims to explore innovative financial services and enhance Brazil's digital economy. The BCB received 42 proposals and will oversee 11 projects, while Brazil's Securities and Exchange Commission (CVM) will supervise two.
Among the notable participants are Visa, which will work with Brazilian brokerage XP and digital bank Nubank to enhance the foreign exchange market. Additionally, Santander will focus on projects related to automobile operations and lending, as well as decarbonization efforts. Other significant local entities involved include Bradesco, ItaĂș Unibanco, and the local stock exchange B3.
The BCB plans to open a new call for firms interested in participating in the Drex pilot in Q3 2024, with the goal of testing smart contract implementation by mid-2025. This ongoing effort reflects Brazil's commitment to advancing its digital currency initiatives and exploring new financial technologies to better serve its economy and citizens.
What are your thoughts on the potential impact of CBDCs like Real Digital on the financial landscape in Brazil?
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