Mercado Bitcoin has been accepted into the central bank’s selection of 14 participants.

In the middle of June 2023, the central bank plans to launch the test program.

Two major Brazilian institutions have been given permission by Brazil’s central bank to take part in the pilot of the digital real, the country’s central bank digital currency (CBDC). Consortium members, including the major local bitcoin exchange Mercado Bitcoin and the state-owned bank Caixa, have been granted permission to begin testing the CBDC.

The pilot program is currently open to participation from a consortium led by Mercado Bitcoin. It comprises Mastercard, broker Genial, registrar Cerc, and financial software provider Sinqia.

Looking Beyond Conventional Players

Despite not having a registered banking or payment institution with direct access to Brazil’s national financial network. Mercado Bitcoin has been accepted into the central bank’s selection of 14 participants made in May. On June 2, however, Mercado Bitcoin was granted a license as a payment institution by the central bank and thus ushered in a new era.

Moreover, the central bank’s willingness to work with technology-driven enterprises like Mercado Bitcoin to promote financial system innovation is bolstered by the exchange platform’s participation in the pilot program.

Mercado Bitcoin’s Director of New Business, Fabricio Tota, voiced his company’s gratitude for the chance. Noting that the central bank’s decision acknowledged the value of collaborating with companies that are already deeply invested in blockchain technology. Rather than depending only on conventional players.

Furthermore, in the middle of June 2023, the central bank plans to launch a test program for the digital real. Participants like Mercado Bitcoin and Caixa will help test the issuing of CBDC and treasury bills during this phase. The consortium’s goal is to analyze the distributed ledger technology. That underpins the digital real and analyze its technical elements as well as its governance architecture.

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Filed under: Bitcoin - @ June 24, 2023 11:04 am