Stellar and Mercado Bitcoin Collaborate to Create Use Cases For Brazil’s CBDC

Stellar and Mercado Bitcoin Collaborate to Create Use Cases For Brazil's CBDC
  • Smart contracts and decentralized finance are two of the goals of Real Digital.
  • The Central Bank of Brazil’s LIFT Challenge Real Digital has chosen nine proposals.

On Tuesday, an announcement was made about an agreement between the Mercado Bitcoin exchange in Brazil and the Stellar Development Foundation (SDF). The Central Bank of Brazil’s LIFT Challenge Real Digital has chosen nine proposals for development by the firm.

The LIFT Challenge Central Bank of Brazil (Bacen) and the National Federation of Associations of Central Bank Servers (Fenasbac) are working together to implement Real Digital, a collaborative environment. In addition to CPQD and ClearSale, SDF will now be part of the consortium formed by Mercado Bitcoin to explore solutions for Real Digital.

Partnered With Visa and Microsoft

Mercado Bitcoin and the Central Bank of Brazil will have Stellar Development’s network ready to help them as they investigate use cases for the Real Digital’s future, according to CEO Denelle Dixon of Stellar Development.

Reinaldo Rabelo, CEO of Mercado Bitcoin stated:

“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology. Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank.”

To develop use cases for Brazil’s Real Digital, the Central Bank of Brazil partnered with Visa and Microsoft to leverage the DeFi Aave (AAVE) protocol and ConsenSys in conjunction.

In April, the head of Brazil’s Central Bank said that the country’s sovereign digital currency pilot would be launched this year. Although this will be a trial release, it will not be accessible to the nation’s entire population. Smart contracts and decentralized finance are two of the goals of Real Digital, according to Campos Neto.

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