JAKARTA – One of the largest crypto exchanges in Latin America, Mercado Bitcoin announced its partnership with the Stellar Development Foundation (SDF) on May 24 yesterday. The collaboration is aimed at developing Brazil's central bank digital currency (CBDC).
According to the Stellar Foundation's official post, Mercado Bitcoin will work on one of nine projects promoted by the Laboratory of Financial and Technological Innovations of Brazil (LIFT). The agency was formed to develop a “minimum viable product (MVP)” for CBDCs that meets the objectives of the Brazilian government.
Reporting from CryptoPotato, the project is supported by the Central Bank of Brazil (BC) and the National Federation of Central Bank Server Associations (Fenasbac). In addition, all projects will focus on different use cases for the upcoming CBDC to be issued by the Brazilian Central Bank.
Reinaldo Rabelo, CEO of Mercado Bitcoin, said the company expects to build a robust solution using Stellar blockchain technology. This should be sufficient to meet all the necessary parameters for future evaluation and approval of Brazilian CBDCs.
“We are in a consortium of companies that have the structure and ambition to build robust solutions for financial markets through blockchain technology. Leveraging the Stellar network will allow us to submit a complete case for evaluation by the Central Bank,” said Rabelo.
Meanwhile, CEO of the Stellar Development Foundation, Denelle Dixon, stated that his party is ready to help Mercado Bitcoin to develop CBDC in the future. SDF plans to explore various CBDC use cases.
“Stellar is designed for asset issuance, it is built with the right built-in tools and gives Mercado Bitcoin a solid foundation from which to develop solutions with the features Bacen expects to see,” said Dixon.
According to the Governor of the Central Bank of Brazil, Roberto Campos Neto, the CBDC is likely to be released in the second half of 2022. But before it is used for the public, they will first conduct a number of trials such as the European CBDC.
The development of digital money supported by the Central Bank of Brazil has the potential to change the way Brazilians make payments in the future.
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