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Central Bank of Brazil partners with private banks and MNCs for pilot testing of Digital Real CBDC

The central bank of Brazil has announced its partnership with 14 institutions, including private banks like Nubank and Bradesco, and MNCs like Microsoft and VISA, for the pilot testing of its central bank digital currency (CBDC) called Digital Real. The participants will be onboarded onto the Digital Real Pilot platform starting mid-June 2023, where simulated transactions will be conducted to evaluate instant settlements in government bond trading. The central bank aims to assess privacy measures, information exchange among participants, and the integration of programmability functions with interoperability. The Digital Real will be developed as a payment instrument running on Distributed Ledger Technology (DLT) and will facilitate retail financial services, allowing tokenized deposits to be settled within Brazil's financial and payment systems institutions.

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