Visa and Microsoft Participating Brazilian CBDC Pilot Program
Like other countries, the Brazilian central bank Banco Central do Brasil is working on its Central Bank Digital Currency (CBDC). The official announcement of launching the Brazilian CBDC pilot program was revealed in 2022.
Recently Brazilian central bank has made the final list of CBDC pilot participants. Both international and national companies are going to participate in this pilot program. The digital real pilot, aka, the CBDC pilot program is going to start testing in mid-June 2023 by onboarding its participants.
There are more than 100 institutions initially. Finally, 14 participants are selected to onboard the digital real pilot platform. Financial institutions, big tech companies, and banks are included in the program. Good to see Visa, Mastercard, and tech giant Microsoft are among 14 participants.
They will see how the digital real impacts the economy. The privacy and programmability functions of the CBDC will be tested in this process. The supply of the digital real will be fixed and it will be pegged to the national fiat currency. It will be minted over time.
People in Brazil are aware of cryptocurrency. When people know what crypto offers, they may not accept CBDC. No matter what the central authority says about its CBDC, the intention behind the Central Bank Digital Currency (CBDC) is an open secret.
We know what is happening in the economy due to high inflation and how it impacts everyone. You cannot say anything and blame others because of losing money due to high inflation. You might hear CBDC will fix different problems since the central authority will have more control.
If regulations and new policies do not limit the innovation and development of cryptocurrency, that will create a good environment. When you cannot stop something from evolving, it is better not to waste time and energy to do that.
It is certain that the freedom and control you have now, you may not have that to this level when CBDC will be introduced. The good thing is, we still have time to accumulate crypto and build our wealth outside the existing financial system.
Image Sources: 1, and 2.
Reference: 1.
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I wonder if it will be the testing ground for the US CBDC. I guess they can run it over in Brazil and then see if there is anything they need to fix. I just think that CBDCs are unavoidable.
You brought up a good point. At least, they will have more experience getting involved as participants. It is clear that CBDC is heavily tested to implement.
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You are right to say that some people do not accept cryptography, in some countries they even think that they are pyramids, accumulating cryptocurrencies is an excellent idea, I do it too, what I hope is that the banks together with the governments do not alter the flow of the themselves , that is , continue to be decentralized
The way regulators make their move, in order to survive, a crypto project has to embrace regulations or become more decentralized.