Both national and global companies will participate in the upcoming pilot project of the Brazilian central bank digital currency (CBDC).
The Central Bank of Brazil will begin to include participants on its digital platform in mid-June 2023. Publishing the final list of participants, the Central Bank of Brazil selected the participants from 36 proposals made by companies and consortia, covering more than 100 institutions in total. In this process, where there will be 14 participants in total, some companies will represent groups. For example, US-based tech giant Microsoft ranks in line with Brazilian bank Inter and IT development company 7COMm.
Important Companies Are Among the Participants
Other participants include Visa, Spanish bank Santander, Itau Unibanco, BTG Bank, Bradesco and other Brazilian banking institutions.
In the current phase of the CBDC pilot, the central bank will test the privacy and programmability functions of the platform through a single use case, a delivery and payment protocol for federal public safety.
The Brazilian CBDC pilot was officially announced in 2022.
The largest country in Latin America with a population of 214 million continues to be a center of attraction for cryptocurrency companies. In January, Binance and Mastercard teamed up to launch a front-end crypto card in the country. Since March, Coinbase has partnered with local payment providers to offer crypto purchases and enable deposits and withdrawals in local currency.
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