Visa, Microsoft, and others participate in the Brazilian CBDC pilot

The proposed Brazilian central bank digital currency (CBDC) pilot project will involve both domestic and international businesses. Around the middle of June 2023, Banco Central do Brasil, the nation's central bank, will start adding users to the digital real platform.

The central bank released the complete list of CBDC trial participants on May 24. A pool of 36 offers, "totaling more than 100 institutions" and submitted by both single businesses and consortia, were used to choose the participants. There are 14 participants in all, albeit several are groupings of businesses. One of the 14 participants, for instance, consists of the American IT giant Microsoft, the Brazilian bank Banco Inter, and the digital technology firm 7COMm.

Visa, Microsoft, and others are taking part in the Brazilian CBDC Pilot

Businesses from both local and foreign markets will participate in the proposed pilot project for the central bank of Brazil's digital currency (CBDC). Banco Central do Brasil, the country's central bank, will begin adding customers to the digital real platform around the middle of June 2023.

On May 24, the central bank made public the full list of CBDC trial participants. The participants were chosen from a pool of 36 offers, "totaling more than 100 institutions" and submitted by both single enterprises and consortia. There are a total of 14 participants, albeit some of them are corporate associations. For instance, one of the 14 participants includes the Brazilian bank Banco Inter, the American IT behemoth Microsoft, and the digital technology company 7COMm.

Visa, Santander, and a number of Brazilian banks, including Ita Unibanco, BTG Pactual, and Banco Bradesco, are among the other players.

The central bank will evaluate the privacy and programmability capabilities of its platform in the present phase of the digital real pilot using a single use case: a delivery versus payment protocol for federal public assets.

In 2022, the Brazilian CBDC pilot program was formally unveiled. The real, the country's official fiat currency, would serve as the benchmark for the value of digital real. It would be produced in a set quantity throughout time.

The largest nation in Latin America, with 214 million people, continues to be a desirable site for international cryptocurrency businesses. A prepaid cryptocurrency card was introduced in the nation by Binance and Mastercard in January. Since March,

Coinbase has collaborated with regional payment processors to support crypto purchases as well as local currency deposits and withdrawals. The central bank authorized Latam Gateway to function as an electronic money issuer and payment institution on May 19. Latam Gateway serves as Binance's payment processor in Brazil.