Stellar Development Foundation Collaborates with Mercado to Work on Central Bank of Brazil's CBDC
The Stellar Development Foundation (SDF) will collaborate with major crypto exchange platform Mercado Bitcoin to work on nine cases for the Central Bank of Brazil to implement a CBDC.
This action will be implemented jointly with other Brazilian agencies,Designed to explore central bank digital currency (CBDC) launches and use cases。
The Stellar Development Foundation (SDF) will be partnering with Mercado Bitcoin, ClearSale, and CPQD, the partners forming a digital challenge coalition.
The release states that the Financial and Technological Innovation Lab formed by the Digital Challenges Alliance will operate as a collaborative environment to develop a CBDC in Brazil.
The project will determine the feasibility, use cases and infrastructure of the technologies needed to launch a CBDC。
The initiative also aims to improve Brazil's financial system by attracting market players, banks, payment institutions, technology companies and others.
These entities will be responsible for developing CBDC-based products. The Central Bank of Brazil claims that their CBDC will be deployed in the second half of 2022, with the first phase being “a pilot for a limited audience.”
Reinaldo Rabelo, CEO of Mercado Bitcoin, commented on the move: “We are a consortium of companies whose structure and ambition are to build robust solutions for financial markets through blockchain technology.”
"Using this fantastic network, we will be able to make a complete case for central banks."
The Stellar Development Foundation has a long-standing relationship with the Ukrainian government that has lasted for many years.
The nonprofit and its partners have begun testing the programmability of a CBDC, but there has been a lack of updates on the project.
Similar to the Ukrainian CBDC,Brazil will launch a CBDC to advance payment innovation and make the Brazilian financial system more open and inclusive。
Stellar Development Foundation CEO Denelle Dixon claimed that the partnership with Mercado Bitcoin will help the network grow.
According to Denelle Dixon, “The Stellar network will support Mercado Bitcoin and the Central Bank of Brazil to explore use cases for the future of CBDC.”
“Stellar is designed for asset issuance, and its built-in compliance tools provide MercadoBitcoin with a strong foundation to develop the solutions that the Central Bank of Brazil is looking forward to seeing.”
Mercado Bitcoin chose the Stellar network because of its capabilities, which Mercado believes are “very good at implementing tokenization and payment projects.”
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
