14 Top Banks and Tech Giants Chosen for Brazils CBDC Pilot Program

14 Top Banks and Tech Giants Chosen for Brazils CBDC Pilot Program

The Central Bank of Brazil selects 14 institutions, including major local banks and multinational companies like Visa and Microsoft, to participate in the pilot of the country’s central bank digital currency.

Between those selected are the largest local banks, Visa and Microsoft.

The Monetary Authority of Brazil selected 14 selected institutions to join the pilot of the digital real, the country’s monetary authority digital currency (CBDC).

Published Wednesday, the list includes major local private banks such as Bradesco, Nubank, and Itaú Unibanco, likewise as the largest public Brazilian bank, Banco do Brasil, and the local stock exchange B3. Multinational corporations such as Visa and Microsoft were likewise chosen to participate.

The monetary authority will begin incorporating participants into the Real Digital Pilot platform in mid-June 2023.

In total, the bank received 36 interest proposals from over 100 institutions from a number of different financial sectors, including payment institutions, cooperatives, public banks, cryptocurrency corporations, financial market infrastructure operators, and payment settlement institutes.

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