June 7, 2023

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 digital currency pilot will involve both national companies and international companies. Among the latter are Visa and Microsoft.

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

Other members 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 that 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 perform the modeling of financial flows.

Central Bank of the country 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 in 2022. However, the regulator later said that the launch of the digital real would have to be postponed for several years, as more time was needed to study its capabilities.