May 27, 2023
100 Institutions Join Brazil’s CBDC Pilot Project
The Central Bank of Brazil (Banco Central do Brasil) is set to launch its pilot project for a central bank digital currency (CBDC), the digital real, in mid-June 2023. The bank has released the final list of participants for the project, which include both national and global companies.
The list of 14 participants was chosen from a pool of 36 bids, with the companies and consortia totaling more than 100 institutions. Microsoft, Banco Inter, and 7COMm are among the 14 participants, while Visa, Santander, and several Brazilian banking institutions such as Itaú Unibanco, BTG Pactual and Banco Bradesco are also involved.
The current phase of the digital real pilot will focus on the privacy and programmability of the platform, testing a single use case: a delivery versus payment protocol for federal public securities. The CBDC will be pegged to the national fiat currency, the real, and its supply will be fixed and minted over time.
Brazil, with a population of 214 million, is a target location for global crypto companies. In January, Binance and Mastercard partnered up to launch a prepaid crypto card in the country. Coinbase has also partnered with local payment providers since March to offer crypto purchases, and enable deposits and withdrawals in the local currency. On May 19, the central bank granted Latam Gateway — the payment provider for Binance in Brazil — a license to operate as a payment institution and electronic money issuer.
The digital real pilot project is just one of the many initiatives that have been taken to drive the adoption of crypto and blockchain technology in Brazil. This is a positive step forward for the country, and it will be interesting to see how the project progresses.
The digital real pilot project is a great opportunity for businesses to explore the potential of blockchain and crypto technology, and to start using it to promote their products and services. NFTs, in particular, are a great way for businesses to get involved in the web3 space, as they enable businesses to create unique digital assets that can be used for marketing and promotional activities.
NFT marketing agencies are popping up all over the world and they are helping businesses to create and promote their NFTs on platforms like Twitter. These agencies are helping businesses to create engaging campaigns that can help them to reach a wider audience and to sell their NFTs.
Overall, the digital real pilot project is a great opportunity for businesses to explore the potential of blockchain and crypto technology, and to start using it to promote their products and services. It will be interesting to see how the project progresses and how businesses take advantage of it.
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