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Brazil CBDC

Brazil Selects Nine Partner Projects For Its CBDC

 The Central Bank of Brazil is set to work with Aave and Mercado Bitcoin, amongst others in the production of their first digital currency. 

The South-American nation has selected nine different partner projects to help develop the technologies for its central bank digital currency(CBDC). The partners that Brazil has chosen include cryptocurrency firms, banking firms, electronic payment companies, and banking organizations. 

Out of many, Nine was Selected 

Reports from Infomoney and Coindesk Brasil projects that the nation’s central bank has selected the nine partners out of the 47 proposals that were deliberated on.

Top Defi lending platform, Aave was mentioned amongst the nine partners that were selected, with Brazil-based cryptocurrency exchange – Mercado Bitcoin, Santander Brasil, and Itaú Unibanco banks also making the shortlist. 

RELATED: Iran to Launch a Pilot Phase of its CBDC Soon

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Albeit, the remaining five selected partners was not revealed by the sources but the Central Bank’s official site Lift Challenge published a list of all the partners. The list further mentions the Brazilian bank federation Febraban, German payment company Gieseck+Devrient, the Brazilian banking service Tecban and its partner Capitual. 

Brazil’s central bank reports that the proposals came from within the country, also from the United States, Germany, Mexico, Israel, Sweden and Portugal.

A statement from the bank states that it received a “large number of projects of relevance and interest” and highlights that finding the balance between diversity and ease of monitoring influenced their selection. 

Last November, the Central Bank of Brazil released an announcement that the CBDC pilot will begin in 2022, with some reports hinting on a final product being complete by 2024. 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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