In an exciting development, the Central Bank of Brazil has unveiled the selection of 14 institutions to take part in the pilot program for the country’s central bank digital currency (CBDC), known as the digital real.
Among the chosen participants are some of Brazil’s largest private banks, including Bradesco, Nubank, and Itaú Unibanco, along with the prominent public bank Banco do Brasil and the renowned local stock exchange B3. Notably, multinational companies Visa and Microsoft have also been included in the select group.
The announcement, made on Wednesday, marks a significant step towards the implementation and testing of the digital real. The selected institutions will be integrated into the Real Digital Pilot platform, with the process set to commence in mid-June 2023.
This groundbreaking initiative has generated substantial interest, with the central bank receiving an impressive 36 proposals of interest from over 100 institutions across various financial sectors. Participants encompass a wide range of entities, including payment institutions, cooperatives, public banks, crypto companies, financial market infrastructure operators, and payment settlement institutes.
By involving major players in the banking industry and influential tech giants, Brazil’s central bank aims to ensure a comprehensive and diversified pilot program for its CBDC. The collaboration with leading financial institutions and technology companies will provide valuable insights into the practicality, security, and usability of the digital real.
The selected participants eagerly anticipate their involvement in this historic undertaking, which holds the potential to shape the future of digital transactions and transform the financial landscape of Brazil. As the mid-June commencement date draws near, the anticipation for this groundbreaking pilot program continues to grow.
