Brazil’s Central Bank Picks 14 Participants for CBDC Pilot

Some of the chosen participants for Brazil’s CBDC pilot include major local banks, Visa, and Microsoft.

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The Central Bank of Brazil has chosen 14 institutions to take part in a pilot program for the digital real, which is the country’s central bank digital currency (CBDC).

On Wednesday, a list was published by the Central Bank of Brazil, which includes several prominent local private banks like Bradesco, Nubank, and Itaú Unibanco, as well as the largest public Brazilian bank, Banco do Brasil, and the local stock exchange B3. Additionally, multinational companies such as Visa and Microsoft have also been selected to participate in the pilot program.

Also Read This Related: Brazil Grants Payment Institution Approval to Binance, Leading Cryptocurrency Provider

Starting in mid-June 2023, the central bank will begin including the selected participants in the Real Digital Pilot platform.

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The central bank received a total of 36 interest proposals from over 100 institutions representing various financial sectors. These sectors include payment institutions, cooperatives, public banks, crypto companies, financial market infrastructure operators, and payment settlement institutes.

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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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