Warren Buffet-backed Nubank, Visa, Mastercard to join Brazil’s CBDC pilot
Banco Central do Brasil, the central bank of Brazil, has selected 14 institutions to participate in the pilot run of the country’s central bank digital currency (CBDC) named Real Digital.
Brazilian money. Image: Envato Elements
Banco Central do Brasil, the central bank of Brazil, has selected 14 institutions to participate in the pilot run of the country’s central bank digital currency (CBDC) named Real Digital.
The central bank will begin incorporating participants into the Real Digital pilot platform by mid-June, it said in a statement.
The 14 participants include multinationals like Visa and Microsoft, as well as Warren Buffett-backed Nubank, and the local securities and commodities exchange B3.
The central bank received 36 proposals of interest in participating in the CBDC pilot, from over 100 institutions in various financial segments.
A CBDC is virtual money backed and issued by a central bank. About 114 countries, representing over 95% of global gross domestic product, are reportedly exploring a CBDC.
According to a March report by U.K. technology market researcher Juniper Research, the global value of CBDCs is expected to grow to US$213 billion by 2030 from US$100 million in 2023.
Pradipta Mukherjee is a business reporter and has worked for Bloomberg News and Business Standard in India. An MBA and a post-graduate in Economics, Mukherjee focuses on financial markets and corporates. She is a Mary Morgan Hewett award recipient for Women in Journalism. She has also won the Jefferson Fellowship; the Thomson Reuters Foundation fellowship on ‘Social Media and Digital Journalism’ at The Chinese University of Hong Kong; the Kiplinger Fellowship at Ohio University, USA; and most recently, the National Press Foundation's fellowship on 'International Trade.'
Eve is an experienced business reporter and commodities news editor. She has previously worked at print and media outlets such as Singapore Press Holdings, Shanghai Metals Market, S&P Global Platts and Argus Media.
An unmissable weekly round up of the biggest stories in emerging tech from an Asian perspective, featuring commentary from Forkast Editor-in-Chief Angie Lau. Check out recent editions.
An unmissable weekly round up of the biggest stories in emerging tech from an Asian perspective, featuring commentary from Forkast Editor-in-Chief Angie Lau. Check out recent editions.
