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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.
See related article: Singapore’s central bank partners New York Fed to explore wholesale CBDCs
Fast facts
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The central bank will begin incorporating participants into the Real Digital pilot platform by mid-June, it said in a statement.
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The 14 participants include multinationals like Visa and Microsoft, as well as Warren Buffett-backed Nubank, and the local securities and commodities exchange B3.
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The central bank received 36 proposals of interest in participating in the CBDC pilot, from over 100 institutions in various financial segments.
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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.
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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.
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See related article: India shortlists nine banks to start CBDC trial from Nov. 1