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Brazil’s CBDC Pilot Advances: Global Players Join in Smart Contract
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The Central Bank of Brazil (BCB) has moved forward with its Central Bank Digital Currency (CBDC) pilot, known as Drex, selecting 13 themes for its second phase. This phase focuses on testing financial services through smart contracts managed by third-party participants, highlighting the growing significance of the Drex initiative both nationally and internationally.
related reading：Elon Musk's Non-Compliance to Local Laws Sparks X Ban in Brazil, Over 22 Million Users Affected
Visa and Santander Lead Key Projects
Global heavyweights such as Visa and Santander are key participants in this phase. Visa, partnering with XP and Nubank, is set to streamline the foreign exchange market using the CBDC infrastructure, aiming to enhance cross-border transactions. Meanwhile, Santander will explore CBDCs' role in automobile transactions and work on credit-related projects that align with global decarbonisation goals.
Diverse Themes and Participants
The 13 selected themes span various financial sectors, with the BCB and the Securities and Exchange Commission (CVM) overseeing different aspects. Key themes include “Credit Collateralized in CDB,” involving major banks like Bank of Brazil and Itaú, and “Real Estate Transactions,” with participation from consortia like BB and Caixa.
related reading：Brazil's Solana ETFs Take the Lead While U.S. Lags Behind
Drex pilot focuses on financial contracts
As the Drex pilot progresses, the focus remains on refining privacy solutions and the implementation of financial services via smart contracts. The BCB plans to open applications for new participants in the third quarter of 2024, with the goal of testing smart contracts by mid-2025. This phase is expected to play a critical role in shaping Brazil's digital financial landscape.
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