Brazil’s Central Bank Is Ramping Up Blockchain R&D
Brazil's central bank is now moving to increase the quantity of its blockchain work – months after abandoning the effort.
Brazil's fast-digitizing financial infrastructure could set the stage for CBDC in the next two years, said Campos Neto.
The 12-member team will submit their findings – and propose a CBDC issuance model – to the central bank in 180 days.
BCB said the timeframe for a CBDC depends on the evolution of its current projects and the international landscape.
Brazil's central bank spent 1.3 million Brazilian reals (USD $250K) over two years building its new database for financial regulators on Quorum, replacing a slow and expensive paper-based system with a fully digitized version.
Brazil’s major financial regulators have unified their intelligence troves under a blockchain-backed sharing system called PIER.