Central Bank of Brazil Selects Partners To Work Together On CBDC

The Central Bank of Brazil has selected nine partners to help develop the digital real, the Brazilian Central Bank Digital Currency (CBDC). Partners include crypto exchange Mercado Bitcoin, Santander Brasil, Itaú Unibanco and Aave, a decentralized finance (DeFi) platform.

The initiative has received 47 project proposals from Brazil, Germany, the US, Israel, Mexico, Portugal, the UK and Sweden, according to a statement from the Central Bank. The statement also notes that the Central Bank intends to explore options for using CBDC and evaluate its technological feasibility.

In November 2021, the Central Bank of Brazil announced its plans to launch a pilot CBDC program in 2022 and introduce the final version in 2024. According to the Central Bank of Brazil, the stage of implementation of the selected projects will begin on March 28 and will last until July 27.

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