Central Bank of Brazil Selects Partners to Assist With CBDC

The bank wants to evaluate use cases for a digital real and its technological feasibility.

AccessTimeIconMar 3, 2022 at 7:39 p.m. UTC
Updated May 11, 2023 at 4:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

The Central Bank of Brazil has chosen nine partners to help develop a digital real, Brazil's central bank digital currency (CBDC).

Among the partners are crypto exchange Mercado Bitcoin, Santander Brasil, Itaú Unibanco and Aave, a decentralized finance (DeFi) platform.

The initiative received 47 project proposals from Brazil, Germany, the U.S., Israel, Mexico, Portugal, the U.K. and Sweden, the central bank said in a statement on Thursday, noting that it is seeking to evaluate use cases for a CBDC and assess its technological feasibility.

In November, the central bank said it planned to start a CBDC pilot program in 2022 and introduce a final version in 2024.

"Given the large number of projects of relevance and interest for the development of the real digital initiative, the selection process sought a balance between the diversity of the portfolio of proposals submitted to the lab and the need for detailed monitoring of the chosen projects," the central bank said in a statement.

An implementation phase for the selected projects will begin on March 28 and last until July 27, the central bank noted.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Rodrigo   Tolotti

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.