March 29, 2024

Visa and Microsoft Join Digital Reality Pilot in Brazil

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Visa and Microsoft Join Digital Reality Pilot in Brazil

The Central Bank of Brazil's digital currency pilot project will involve both national and international companies. Among the latter are Visa and Microsoft.

The Central Bank of Brazil publishedthe final list of participants in the digital real pilot project. A total of 14 participants were selected, but some of them represent a group of companies. For example, American technology giant Microsoft is listed alongside Brazilian bank Inter and information technology company 7COMm, headquartered in Sao Paulo.

Other participants include Visa, a Spanish bankSantander and Brazilian banking institutions such as Itaú Unibanco, BTG Bank, Bradesco and others. Earlier, the Central Bank of Brazil said it would allow different types of institutions to participate in the project: commercial and investment banks, cooperatives, payment institutions and fintech companies. This will allow you to fully simulate financial flows. 

The country's Central Bank will launch a pilot CBDC project inmid-June. The fact that the central bank is going to conduct a series of tests of its own digital currency before the end of 2023 became known in February. The Central Bank planned to launch its own digital currency back in 2022. However, the regulator later announced that the launch of the digital real would have to be postponed for several years, since more time was needed to study its capabilities.