RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Brazil’s Largest Crypto Exchange Partners With Stellar To Work on a CBDC

Rate Captain by Rate Captain
May 25, 2022
in Business, Cryptocurrency
Reading Time: 2 mins read
A A
0
Brazil’s Largest Crypto Exchange Partners With Stellar To Work on a CBDC
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

Ethereum sticks on a bullish trend

BTC’s Price Rises as Market Reacts to the Fed hawkish move.

FCTA bans POS operators from residential areas

Mercado Bitcoin and Stellar are joining forces to develop a minimum viable product as part of the Brazil’s efforts to launch a CBDC in 2022.

On May 24, Mercado Bitcoin, the largest cryptocurrency and digital asset platform in Latin America, announced its partnership with the Stellar Development Foundation (SDF) to participate in the development of Brazil’s CBDC.

According to an official post share by the Stellar Foundation, Mercado Bitcoin will work on one of the nine projects promoted by the Laboratory of Financial and Technological Innovations of Brazil (LIFT), created to develop a “minimum viable product (MVP)” for a CBDC that meets the goals of the Brazilian government.

A “Minimum Viable Product” is this case would be a CBDC solution functional enough to be satisfy the mimium requirements set by the Central Bank of Brazil, basically providing the best possbile product with the least possible effort.

The project was supported by the Central Bank of Brazil (BC) and the National Federation of Central Bank Servers Associations (Fenasbac). In addition, all projects will focus on different use cases for the upcoming CBDC to be issued by the Central Bank of Brazil.

Reinaldo Rabelo, CEO of Mercado Bitcoin, said the company expects to build robust solutions using Stellar’s blockchain technology. This should be enough to meet all the parameters required for the evaluation and future approval of the Brazilian CBDC.

“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology. Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank.”

Denelle Dixon, CEO of Stellar Development Foundation, said that Stellar is prepared to explore the different use cases for the future Real Digital (the Brazilian CBDC). As such, this new partnership will allow them to help Mercado Bitcoin in the development of a blockchain product that could potentially change Brazil’s way of dealing with money.

“Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that Bacen expects to see

Mercado Bitcoin’s competitors include a handful of established names in the finance industry, such as Visa, Microsoft, Aave, and ConsenSys. This means that Brazil is looking to create a CBDC that counts on the development of major financial and technological brands.

Roberto Campos Neto, Brazil’s Central Bank Governor, recently said that the CBDC could be launched in the second half of 2022. However, like Europe’s CBDC, they will be rolling out a pilot version first before a public launch.

In addition, he indicated that the CBDC will be priced based on the STR (Reserves Transfer System), “a system that liquidates all assets (in brazilian Reals) and is guaranteed by the Real.” In addition, he pointed out that through this new system, banks will be able to issue stablecoins on their deposits and enable smart contracts and DeFi solutions through the Central Bank’s CBDC platform.

Previous Post

Telcos fault FG’s move to impose new GSM phone call tax

Next Post

OFIs: CBN sets criteria for enrollment onto credit risk management system

Related News

Ethereum sticks on a bullish trend

Ethereum sticks on a bullish trend

by Rate Captain
February 3, 2023
0

Ethereum (ETH) rallied by 3.60% on Wednesday. Following a 1.21% gain on Tuesday, ETH ended the day at $1,642. After...

BTC’s Price Rises as Market Reacts to the Fed hawkish move.

BTC’s Price Rises as Market Reacts to the Fed hawkish move.

by Rate Captain
February 2, 2023
0

The price of the crypto market leader, Bitcoin (BTC), spiked to a high of $24,253.28 over the last 24 hours...

FCTA bans POS operators from residential areas

FCTA bans POS operators from residential areas

by Rate Captain
January 27, 2023
0

The federal capital territory administration (FCTA) has ordered point of sale (POS) operators to limit their operations to commercial zones....

Bitcoin recharges with optimism, aims for a $25K area

Bitcoin recharges with optimism, aims for a $25K area

by Rate Captain
January 23, 2023
0

Bitcoin is up 7.7% over the past week, trading at $22.7K on Monday morning. Ethereum added less - only 4.1%...

Next Post
CBN Advises Nigerian Commercial Banks to Pay more attention to financial transactions linked with Benin Republic

OFIs: CBN sets criteria for enrollment onto credit risk management system

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • Shell’s annual profit hits $39.9 billion.

    Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Airtel Africa’s nine-month turnover hits $3.9billion.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N746/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>