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Brazil's Central Bank Selects 14 Participants for CBDC Pilot
Among those selected are the largest local banks, Visa and Microsoft.
Updated Jun 14, 2023, 2:40 p.m. Published May 25, 2023, 8:00 p.m.
The Central Bank of Brazil selected 14 selected institutions to participate in the pilot of the digital real, the country’s central bank digital currency (CBDC).
Published Wednesday, the list includes major local private banks such as Bradesco, Nubank, and Itaú Unibanco, as well as the largest public Brazilian bank, Banco do Brasil, and the local stock exchange B3. Multinational companies such as Visa and Microsoft were also chosen to participate.
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The central bank will begin incorporating participants into the Real Digital Pilot platform in mid-June 2023.
In total, the bank received 36 interest proposals from over 100 institutions from a number of different financial sectors, including payment institutions, cooperatives, public banks, crypto companies, financial market infrastructure operators, and payment settlement institutes.
Higit pang Para sa Iyo
Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
Ano ang dapat malaman:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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