The Central Bank of Brazil recently published the list of participants in its CBDC pilot, where several global companies were mentioned
Brazil has made significant progress in crypto with a CBDC pilot recently announced by the Central Bank of Brazil. On the other hand, crypto regulation has also gained headway in the country with a crypto bill passed by its legislators in 2022.
A recent update has emerged from the Central Bank of Brazil, where it revealed the list of participant companies in its CBDC pilot. It received 32 proposals of interest from several groups. The bank claimed that over 100 financial institutions had applied through the proposals, either individually or through groups. Eventually, 14 were selected.
Global technology companies like Microsoft and financial conglomerates like Visa made it to the list. Other Brazilian banks like Banco Bradesco, BTG Pactual, and Itaú Unibanco were also on the list. The Central Bank will add the selected participants to the digital real platform in June.
“The initial selection has representatives from financial institutions from the prudential segments S1 to S4, payment institutions, cooperatives, public banks, crypto asset service developers, financial market infrastructure operators, and payment arrangement institutes,” said the Central Bank of Brazil.
The CBDC pilot project’s current phase will include a single use case being used to test privacy and other programmability functionalities. The use case will be a delivery against payment protocol for various clients of multiple institutions for federal public securities.
Brazil continues to be a hotbed for crypto-friendly activities with its various initiatives similar to the current CBDC pilot.