Minority Mindset

Smart investments

Crypto News

Visa and Santander Selected by Brazil’s Central Bank for a Second Phase of CBDC Pilot

Sep 4, 2024
  • The Brazilian central bank will oversee 11 projects while the local Securities and Exchange Commission will supervise two.
  • Visa was selected to optimize the foreign exchange market, while Santander plans to work on a project involving automobile operations.
As a seasoned crypto investor with a keen interest in emerging markets, I find the recent developments in Brazil particularly intriguing. The Brazilian central bank’s decision to oversee 11 projects for its Central Bank Digital Currency (CBDC) pilot is a significant stride towards digital transformation, and it’s exciting to see global giants like Visa and Santander participating.The Brazilian Central Bank (BCB) chose 13 individuals on Wednesday for the next phase of its trial for a digital version of their national currency, referred to as Real Digital
42 proposals were submitted during the second phase of the pilot program, known as Drex, according to a statement from the bank. The Central Bank of Brazil (BCB) will manage 11 of these projects, while the Securities and Exchange Commission (CVM) will oversee only two

In the subsequent testing stage, I, as a researcher, am tasked with evaluating the integration of financial services using smart contracts that are developed and administered by external contributors within our platform. This phase will leverage the infrastructure established during the pilot phase

As a crypto investor, I’m excited about the projects I’ve been included in, which feature global heavyweights like Visa. They’re teaming up with Brazilian brokerage XP and digital bank Nubank to streamline the foreign exchange market. Additionally, Spanish banking titan Santander has been chosen for two distinct projects. One is centered around automobile operations, while the other focuses on lending and decarbonization initiatives

In the next segment of the pilot, we’ll also feature key financial institutions from the locale, including Bradesco, Itaú Unibanco, and the local stock market known as B3

As a researcher, I’m excited to share that the Blockchain Consortium (BCB) has announced plans for a new call for participation in our Drex pilot project, scheduled for Q3 of 2024. This initiative aims to test the practical application of smart contracts, with the goal of completing this testing phase by the end of the first half of 2025
In May 2023, the BCB selected 14 participants for the first phase of the Real Digital.

Read More

2024-09-05 23:15