Brazil’s central bank revealed that it has selected nine projects that will move forward in its mission to develop a central bank digital currency (CBDC).
The project will move forward through an innovation lab jointly managed by the bank byknown as LIFT in portuguese It has selected projects from companies including established banks, DeFi protocols, and major crypto exchanges. It aims to explore possible use cases for “Digital Brazilian Real” and the technical feasibility of different methods
followdetails releasedBrazil’s central bank, LIFT, has decided to develop the following projects with the aim of developing digital Brazilian real.
The nine approved projects differ greatly. It is an attempt to integrate digital Brazilian reals in applications including delivery with payment solutions, internet of things (IoT), defi applications and dual offline payment offerings.
The nine projects are Aave , Banco Santander Brasil, Febraban, Giesecke + Devrient, Itaú Unibanco, Bitcoin Market , Tecban, VERT and Visa do Brasil.
Aave, a decentralized financial protocol It will present a project that will focus on offering credit. By using defi tools such as liquidity pools, Itau’s Unibanco project focuses on using currency to handle international payments. It is linked to the development of applications for Colombian users, while Visa do Brasil will leverage the token for financing. SMEs with defi application
central bank of brazil It will try to study all these applications in order to get a deeper understanding of the use of cryptocurrencies with the idea of creating their own cryptocurrencies in the future.
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