Central Bank of Brazil chooses partners to develop its CBDC

Friday 4 March 2022 13:00 CET | News

The Central Bank of Brazil has chosen nine partners to help develop Brazil's Central Bank Digital Currency (CBDC).

Among the partners are crypto exchange Mercado Bitcoin, Santander Brasil, Itaú Unibanco, and Aave, a decentralised finance (DeFi) platform.

The initiative received 47 project proposals from Brazil, Germany, the US, Israel, Mexico, Portugal, the UK, and Sweden.

In November 2021, the central bank said it planned to start a CBDC pilot program in 2022 and introduce a final version in 2024.

An implementation phase for the selected projects will begin on March 28, 2022, and last until July 27, 2022, the central bank noted.

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Keywords: central bank, banks, partnership, CBDC, digital currency
Categories: DeFi & Crypto & Web3
Countries: Brazil
This article is part of category

DeFi & Crypto & Web3