Mercado Bitcoin set to join Brazil’s CBDC project

TL;DR Breakdown

  • Mercado Bitcoin has been chosen by Brazil’s central bank as another participant in its CBDC project.
  • The premier bank has also invited Caixa to the team.

Description

In a significant development for Brazil’s digital currency landscape, the country’s central bank has granted authorization to two prominent entities to participate in the pilot of the digital real, Brazil’s central bank digital currency (CBDC). The largest local cryptocurrency exchange, Mercado Bitcoin, and state-owned bank Caixa have been given the green light to engage in … Read more

In a significant development for Brazil’s digital currency landscape, the country’s central bank has granted authorization to two prominent entities to participate in the pilot of the digital real, Brazil’s central bank digital currency (CBDC). The largest local cryptocurrency exchange, Mercado Bitcoin, and state-owned bank Caixa have been given the green light to engage in testing the CBDC along with other consortium members.

Mercado Bitcoin joins Brazil’s CBDC project

Mercado Bitcoin, leading a consortium that includes Mastercard, broker Genial, registrar Cerc, and financial software fintech Sinqia, will now have the opportunity to contribute to the pilot program. The inclusion of Mercado Bitcoin comes after the consortium was initially left out of the central bank’s selection of 14 participants in May, primarily due to the absence of a regulated financial or payment institution with direct access to Brazil’s national financial network. However, this changed when Mercado Bitcoin obtained a payment institution license from the central bank on June 2.

The involvement of Mercado Bitcoin in the pilot program is seen as an affirmation of the central bank’s commitment to fostering innovation in the financial system by collaborating with technology-driven entities. Fabricio Tota, Director of New Business at Mercado Bitcoin, expressed their satisfaction with the opportunity, emphasizing that the central bank’s decision recognized the value of engaging with organizations already immersed in blockchain technology, rather than solely relying on traditional incumbents.

Joining Mercado Bitcoin in the pilot program is Caixa, a state-owned Brazilian bank. Caixa will participate alongside card provider Elo and technology giant Microsoft. The inclusion of Caixa and its partners further diversifies the consortium, ensuring a broader representation of the financial sector in testing and refining the digital real.

The central bank’s pilot program for the digital real is set to commence in mid-June 2023. During this phase, participants, including Mercado Bitcoin and Caixa, will actively contribute to testing the issuance of the CBDC and treasury bills. The consortium aims to evaluate the technical aspects of the network and assess the governance model of the distributed ledger technology supporting the digital real.

The country’s bank also invited Caixa to join the project

The introduction of a CBDC in Brazil is part of the central bank’s long-term vision to enhance financial system accessibility and promote financial inclusion. By leveraging digital currencies, the central bank seeks to broaden participation in the financial system, ensuring that a wider population can benefit from secure and efficient digital transactions.

The involvement of Mercado Bitcoin, a prominent local cryptocurrency exchange, indicates a growing recognition of the significance and potential of blockchain-based technologies within the financial sector. Mercado Bitcoin’s partnership with Mastercard further underscores the collaborative efforts being made to establish trust, compliance, and practical applications for digital assets.

The CBDC, scheduled to be fully implemented by 2024, holds promising prospects for Brazil’s financial landscape. As the pilot program progresses, participants will gain valuable insights into the functionality and practicality of the digital real. This knowledge will inform the central bank’s further refinements and help shape the future of Brazil’s digital currency ecosystem.

The authorization of Mercado Bitcoin and Caixa to participate in Brazil’s CBDC pilot reflects the central bank’s commitment to innovation and collaboration with technology-driven financial entities. As the pilot program progresses, the involvement of diverse consortium members will contribute to the development of a robust and inclusive digital currency framework.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Mercado Bitcoin set to join Brazil’s CBDC project

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月26日 12:00
Next 2023年6月26日 13:24

Related articles

  • SEC cracks down on crypto influencers for manipulating token prices

    TL;DR Breakdown The SEC is cracking down on crypto influencers who promote scam projects and manipulate token prices on social media platforms. Former SEC chief John Reed Stark warns that these influencers will face prosecution, emphasizing that anti-fraud rules apply to all forms of price manipulation. Social media platforms such as Twitter, Discord, Instagram, and Reddit have become hotspots for fraudulent activities, making it easier for regulators to gather evidence and prosecute wrongdoers. The United States Securities and Exchange Commission (SEC) is intensifying its efforts to hold crypto influencers accountable for promoting fraudulent projects and manipulating token prices through social media channels. Former SEC chief John Reed Stark took to Twitter to warn crypto influencers sternly, indicating that their days of operating without consequences are numbered. Stark highlighted that the same anti-fraud regulations apply to all forms of price manipulation, including crypto securities, exchange-listed securities, and penny stock securities. Attention all crypto promoters who use social media to manipulate the price of crypto-securities: Fail not at your peril. Not only will you eventually get caught, but your prosecution will also…

    Article 2023年6月4日
  • Mike Belshe of BitGo makes bold prediction: Ripple’s victory could reshape crypto rules

    TL;DR Breakdown BitGo CEO, Mike Belshe, believes Ripple’s legal victory could lead to positive regulatory changes for cryptocurrencies. Belshe draws parallels between Ripple and early Bitcoin, suggesting that Bitcoin may have been perceived as centralized in its early years. Ripple’s centralized governance has been a point of criticism, contrasting with Bitcoin’s emphasis on decentralization. Description Ripple‘s ongoing legal battle with the Securities and Exchange Commission (SEC) has sparked intense debate and speculation within the cryptocurrency community. The latest voice to add fuel to the fire is none other than Mike Belshe, the CEO of BitGo. Belshe recently took to Twitter, expressing a thought-provoking perspective on the potential outcome of the … Read more Ripple‘s ongoing legal battle with the Securities and Exchange Commission (SEC) has sparked intense debate and speculation within the cryptocurrency community. The latest voice to add fuel to the fire is none other than Mike Belshe, the CEO of BitGo. Belshe recently took to Twitter, expressing a thought-provoking perspective on the potential outcome of the Ripple v. SEC litigation. In a recent tweet, Belshe argued that if…

    Article 2023年6月20日
  • Pauly0x earns nearly $1M through unconventional Ethereum transfers

    TL;DR Breakdown A crypto influencer named Pauly0x made close to $1 million after requesting Ethereum transfers from fans to his yougetnothing.eth wallet. Pauly congratulated those who joined the “million dollar club” on May 31, adding that they will “literally receive nothing.”  Analysts speculate that some whales may be reducing their holdings because of worries about the scalability of Ethereum and its high transaction costs. Crypto influencer Pauly0x has unexpectedly made nearly $1 million by demanding Ethereum transfers to his yougetnothing.eth wallet. With a tweet calling the Bitcoin sector “an absolute joke,” this experiment drew much attention and more than $1 million in just seven minutes. The episode demonstrates the crypto sphere’s quirkiness and unpredictability. Pauly0x swoops $1 million in Ethereum transfers According to media reports, a crypto influencer named Pauly0x made close to $1 million after requesting Ethereum transfers from fans to his yougetnothing.eth wallet. In response, the social media influencer called the cryptocurrency industry “an absolute joke” on Twitter. Pauly0x made a public Ethereum address available to the public on May 30. A GIF of the “You Get Nothing!”…

    Article 2023年6月4日
  • SEC on the verge of approving Ether Futures ETFs

    TL;DR Breakdown The U.S. SEC is nearing approval of the first Ether futures ETFs, with possible green lights as early as October. Ether’s price jumped 11% amid anticipation of the approval, reflecting Ethereum’s growing prominence in finance. The potential approval signals a new era of integration for cryptocurrencies into mainstream financial products, as the industry also awaits decisions on Bitcoin ETFs. Description The U.S. Securities and Exchange Commission (SEC) is reportedly on the verge of a landmark decision that could reshape the cryptocurrency landscape.  According to a report from Bloomberg citing sources familiar with the matter, the regulatory body is considering approving the first exchange-traded funds (ETFs) based on Ether futures. Several firms have eagerly awaited this … Read more The U.S. Securities and Exchange Commission (SEC) is reportedly on the verge of a landmark decision that could reshape the cryptocurrency landscape.  According to a report from Bloomberg citing sources familiar with the matter, the regulatory body is considering approving the first exchange-traded funds (ETFs) based on Ether futures. Several firms have eagerly awaited this move. Several firms eagerly await…

    Article 2023年8月19日
  • Ripple Labs Inc. challenges SEC’s attempt for an interlocutory appeal in landmark case

    TL;DR Breakdown Ripple Labs Inc. and its top executives have strongly opposed the SEC’s attempt for an interlocutory appeal, arguing that the case doesn’t present a “controlling question of law” that would warrant such an appeal. Ripple accuses the SEC of selectively regulating the U.S. crypto industry and questions the agency’s commitment to genuine legal standards. Description In a move that could significantly influence the future of cryptocurrency regulations in the United States, Ripple Labs Inc., along with its top executives Brad Garlinghouse and Christian A. Larsen, has vehemently opposed the Securities and Exchange Commission (SEC)’s motion for an interlocutory appeal. The case, brought to light by Fox Business reporter Eleanor Terrett, … Read more In a move that could significantly influence the future of cryptocurrency regulations in the United States, Ripple Labs Inc., along with its top executives Brad Garlinghouse and Christian A. Larsen, has vehemently opposed the Securities and Exchange Commission (SEC)’s motion for an interlocutory appeal. The case, brought to light by Fox Business reporter Eleanor Terrett, is seen as a watershed moment for the U.S. cryptocurrency…

    Article 2023年9月2日
TOP