Last week, the Banco Central do Brasil delayed the timing of its digital real DREX pilot and suspended its LIFT Lab innovation project indefinitely. It’s unclear whether staffing issues impacting the LIFT Lab may also be affecting the central bank digital currency (CBDC) pilot.
The first milestone for the digital real pilot has been delayed by three months. That’s partly owing to a slow start in onboarding pilot participants and because the bank isn’t yet satisfied with the privacy preserving technology it plans to use.
Fabio Araujo, the coordinator of the digital real initiative (DREX), described it as a “challenging project”. Onboarding of the 16 pilot projects was planned to start in May but only commenced in July.
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