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A Crypto Firm & 12 Others Join Brazil’s CBDC Pilot Program

Published:

Information on Wednesday, May 24 2023, disclosed that the Central Bank of Brazil had revealed up to 14 participants for its CBDC pilot program.

The largest multinational companies, such as Microsoft and Visa, were among the financial institutions chosen.

Also, the top local private banks selected are Bradnesco, Itaú Unibanco, Nubank, Banco do Brasil, the largest Brazilian bank, and B3, the local stock exchange.

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Details of the Story

According to the official release from the Central Bank, it wants to “assess the benefits” of the sample digital real through a specially built local platform.

Nubank is among the Latin American region’s fastest-growing neobanks, which has attained unicorn status.

In recent years, the institution has been including a series of cryptocurrency-related activities in its apps.

In addition to that, Nubank has published its own crypto asset.

Initially, the Brazilian Central Bank shunned cryptocurrency firms from its pilot.

But it now allowed many players from the crypto sector to join in.

Another bank that joined Nubank is Itaú, a large traditional financial services provider with crypto interest.

Last year, Itaú also launched its own crypto custody services.

Additionally, various smaller cryptocurrency-only companies were chosen to participate in the project as a part of larger companies’ consortiums.

Among these larger firms in the consortium is the local cryptocurrency exchange Foxbit.

In addition, there is Banco Arbi, an investment provider and another neobank, Pinbank.

Another crypto firm that joined the consortium is the nTokens, which has stablecoin and blockchain solutions.

Also included on the list are local heavyweights such as; BTG Bank and big companies like Santander, Visa, and Microsoft.

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How does this CBDC Pilot Benefit the Brazilian Central Bank?

According to the Central Bank, its platform utilizes blockchain technology and Distributed Ledger Technology for transactions with tokenized assets.

At present, the pilot venture will not include real-world testing.

Instead, it will use “a restorative environment” which doesn’t use real values or transactions”.

The Brazilian Central Bank is doing a great job by bringing innovations despite its many challenges.

It emphasized that; its end goal is to “promote transparency, greater efficiency, plus security in financial activities”.

 

 

 

Nwachukwu Glory
Nwachukwu Gloryhttp://www.glodikanyblog.com
Nwachukwu Glory is a journalist with unique research expertise in cryptocurrencies, technological innovations, financial news, business growth strategies, etc. You can connect with Glory on social media platforms like Facebook, and email: glodikany@gmail.com

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