Central Bank of Brazil uses blockchain to help regulators exchange info

Wednesday 20 June 2018 11:58 CET | News

The Central Bank of Brazil (BCB) has announced it will exchange information with other regulators of the Brazilian Financial System (SFN) using blockchain tech.

The Information Integration Platform for Regulators (Pier) unveiled by the central bank was developed by the BCB’s IT Department (Deinf), according to an official release dated June 19. The platform will enable data exchange between the BCB and other regulators, such as the Superintendence of Private Insurance (Susep), the Securities and Exchange Commission of Brazil (CVM), and the National Pension Funds Authority (Previc).

Initially, the new tool will be used to share data related to the financial institutions authorization procedures. Pier will be operational at the end of 2018. Initially, the BCB expects that institutions will allow access to information relative to administrative sanctioning processes, but said that any participant would be able to grant access to any information considered to be of mutual interest at any moment, according to Econo Times.

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Keywords: Central Bank of Brazil, BCB, blockchain, regulators, banks, innovation, financial institutions
Countries: World

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