Brazil’s Central Bank Advances Real Digital CBDC Pilot with Drex Participants Including Visa and Santander
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Brazil’s central bank is making significant strides towards the launch of its central bank digital currency (CBDC), Real Digital. The second phase of the pilot, known as Drex, has attracted major global financial players, indicating a strong interest in Brazil’s digital currency initiative. Visa’s involvement alongside local firms like XP and Nubank illustrates the emphasis on enhancing financial service infrastructures through technological innovation. The Brazilian central bank’s ongoing pilot for its digital currency, Real Digital, exemplifies a pivotal movement in the global financial landscape as it strives to integrate advanced financial solutions. Major Developments in the Second Phase of the Real Digital Pilot On Wednesday, Brazil’s central bank (Banco Central do Brasil, BCB) announced the selection of 13 participants for the second stage of its central bank digital currency pilot program, Real Digital. This pivotal phase, branded as Drex, has drawn significant interest, evidenced by 42 proposals submitted to the BCB and Brazil’s Securities and Exchange Commission (CVM). The BCB confirmed its oversight of 11 projects, with the CVM managing two initiatives. This robust engagement highlights Brazil’s ambition to establish a secure and efficient framework for CBDCs. Smart Contracts: Revolutionizing Financial Services in Brazil The BCB elaborated that the upcoming phase will primarily focus on evaluating the infrastructure necessary for deploying financial services that leverage smart contracts, pivotal for the Drex pilot. This initiative aims to facilitate collaboration between various third-party participants, reflecting a move towards a more decentralized financial ecosystem. Such advancements point to the transformative potential of blockchain technology in redefining traditional finance. Importantly, credible sources indicate that integrating smart contracts could enhance transaction efficiency and security in financial operations. Involvement of Global Financial Institutions The diverse list of selected participants underscores the global outreach of the Real Digital initiative. Noteworthy is Visa’s partnership with Brazilian brokerage XP…
Filed under: News - @ September 5, 2024 9:22 pm