By 
Brazil’s central bank is gearing up for the next phase of its digital real (CBDC) pilot, following years of development. The initiative, which began with its first pilot phase in 2023, focused on testing privacy and programmability through a specific use case. The second phase of testing will further advance the project by exploring the implementation of financial services via smart contracts managed by third-party participants.
After reviewing 42 proposals, the central bank selected 13 for this next phase, utilizing the existing infrastructure to explore various financial applications. Among the key participants, Visa will collaborate with Nubank and brokerage firm XP to optimize Brazil’s foreign exchange market through the CBDC. Google, working with financial services providers, will focus on credit transactions collateralized by public securities. Santander is testing the use of the digital real for car transactions.
As Brazil continues to explore the potential of its central bank digital currency, the central bank is preparing to issue a new call for applicants to participate in future Drex pilots, specifically targeting smart contract applications.
Comments