Brazil's central bank to trial CBDC

Friday 5 November 2021 13:52 CET | News

Banco Central do Brasil (BCB) has announced the possibility of trailing its digital Real on Lithosphere blockchain as the bank is in discussion with the developer, KaJ Labs.

The bank has been exploring and working on a central bank digital currency (CBDC) since 2020. In August 2020, the bank created a multidisciplinary study group to analyse its risks, advantages, and potential impacts on the Brazilian economy. The bank first said that the Brazilian nation should be ready for a Digital Brazilian Real by 2022, however, it recently has delayed the roll out for the next two to three years.

Roberto Campos Neto, president of the Central Bank of Brazil, indicated that the central bank was making progress and could release Central Bank digital currency as early as possible, provided the infrastructure and necessary conditions for implementing digital currency are met.

Currently, the bank is partnering with KaJ Labs, the developer of Lithosphere blockchain, to launch the trail of its CBDC. KaJ Labs is a Seattle-based decentralised research organisation focusing on AI and blockchain technology.

Its Lithosphere blockchain is a platform for cross-chain decentralised, censorship resistant applications powered by AI & Deep Neural Networks (DNNs) for intelligent smart contracts and a novel Myriad Distributed Key Management (MDKM) scheme for key management.

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Keywords: CBDC, central bank, digital currency, DeFi, blockchain
Categories: DeFi & Crypto & Web3
Countries: Brazil
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DeFi & Crypto & Web3

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