The Central Bank of Brazil has selected nine projects to take part in the development of the Brazilian digital real and explore possible options for its use.
According to the Central Bank of Brazil, as part of the Lift Challenge Real Digital pilot project, the regulator selected nine projects from initiatives submitted by 43 different companies. The Central Bank noted that proposals for the development of a state stablecoin came not only from Brazil, but also from Germany, the United States, Israel, Mexico, Portugal, Great Britain and Sweden.
Their ideas covered various areas: the creation of a platform for the digital real, working on the schemes of “delivery against payment” (DvP) and “payment against payment” (PvP), the implementation of the Internet of things (IoT) and decentralized finance. It was also proposed to develop special payment solutions when the sender and recipient of funds do not have access to the Internet.
Banks, as well as cryptocurrency and payment companies, became partners of the Central Bank. These included the DeFi project Aave, the Brazilian Mercado Bitcoin exchange, and the VERT project, which works in the field of asset tokenization and agricultural financing. Other banks on the list include Santander Brasil and Itaú Unibanco, Brazilian banking federation Febraban, German payments company Gieseck+Devrient, Brazilian banking service Tecban and its partner Capitual.
Last year, the Brazilian central bank announced that it had made significant progress in developing its own digital currency. Later, the Central Bank announced that it would postpone the launch of the digital real for several years in order to better explore its potential.
