The Central Bank of Brazil has chosen 14 institutions to partake in the pilot program for the digital real, the country’s CBDC. This selection marks a significant step towards exploring and evaluating the potential of a central bank digital currency in Brazil.
The list of selected participants for the Brazilian CBDC pilot includes prominent local private banks like Bradesco, Nubank, and Itaú Unibanco, along with Banco do Brasil and B3. Visa and Microsoft, among other multinational companies, have also been chosen to take part in the project.
Starting in mid-June 2023, the central bank will onboard participants into the Real Digital Pilot platform. With 36 proposals received from over 100 institutions across various financial sectors, including payment institutions, cooperatives, public banks, crypto companies, and financial market infrastructure operators, this initiative showcases broad interest and participation in Brazil’s CBDC exploration.
Brazil, with its sizable population of 214 million, continues to draw interest from global crypto companies. Binance, Mastercard, and Coinbase have established partnerships and obtained licenses to offer crypto-related services, reflecting the country’s appeal as a market for cryptocurrency transactions and financial innovation.
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