The Brazilian Central Bank has recently announced the companies it will be working with on their central bank digital currency (CBDC) pilot project. This includes the crypto-friendly neobank Nubank, as well as other Latin America-based firms like Itaú, Foxbit, Banco Arbi, Pinbank, nTokens, Microsoft, Visa, Santander, and BTG Bank.
The pilot is designed to evaluate the benefits of the digital real prototype using a platform developed by the Central Bank. The platform will make use of blockchain and distributed ledger technology for tokenized asset operations. However, the project will not involve real-world testing, and instead will be run in a simulated environment without any real values or transactions.
The main focus of the project is to promote efficiency, transparency, and security in financial operations, as well as to support domestic businesses. A chart showing Bitcoin prices versus the Brazilian real over the past twelve months is displayed below.