Submission of applications for inclusion in the testing of the digital currency of the central bank is open from May 2 to May 12. The pilot program was officially launched in March, one of its stages is the purchase and sale of government bonds by individuals.
Subjects wishing to test CBDC need to meet certain criteria. First of all, they must be full participants in the Brazilian financial system. They must also have experience with distributed ledger technology (DLT) and the Ethereum Virtual Machine (EVM).
The Central Bank of Brazil noted that it will allow different types of institutions to participate in the project: commercial and investment banks, cooperatives, payment institutions and fintech companies. This will allow the full modeling of financial flows.
Fabio Araujo, coordinator of the Digital Real project at the Central Bank of Brazil, Fabio Araujo, said that as part of the initiative, an Executive Committee on Governance (CEG) was created, which coordinates the development of the platform and the actions of the participants selected to participate in the pilot project. It will involve no more than 10 organizations, but with high demand, the number of “testers” can be increased.
In 2021, the Brazilian central bank announced that it had made significant progress in developing a digital real. One of the main tasks of this project is to solve cybersecurity issues and ensure data protection, since last year the Central Bank of Brazil was already attacked by the LockBit ransomware virus. The hackers demanded a ransom of 50 BTC for non-disclosure of information.
Source: Bits
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