This week, the Banco Central do Brasil opened the registration for institutions to propose digital real pilot projects. The Central Bank will select up to ten banks and payment providers to perform a series of tests in a simulated environment. Proposals will be accepted until 12 May.
After the success of last year’s central bank digital currency (CBDC) competition, the Real Digital Lift Challenge, Brazil’s Central Bank recently announced the formal start of its digital real CBDC pilot.
The digital real is based on a distributed ledger technology (DLT) that targets interbank transactions, but retail access will be enabled through tokenized bank deposits. During the pilot, simulated transactions will focus on instant settlements at the wholesale and end-customer levels using a permissioned version of the Hyperledger Besu blockchain. The focus is on the settlement of financial transactions.
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