From January to August, Brazilians invested $7.4 billion in digital assets, attracting the central bank's attention, which wants to curb digital currency money laundering.
Facing technical difficulties and privacy concerns, Brazil's CBDC launch falters following the central bank's indefinite suspension of LIFT Lab, causing a pushback of the pilot to May.
Participating financial institutions will be selected based on their previous experiences with distributed ledger technology with a preference for the Ethereum network.
The platform will deploy blockchain and smart contracts in asset custody, currency exchange, and alternative investment financial services and would work similar to liquidity pools on DeFi protocols.
Brazil is moving forward with its central bank digital currency plans, and in the latest move, it has picked nine firms to explore digital real possibilities, including the region’s largest digital currency exchange.
Brazil’s regulators have jointly launched a blockchain-powered platform to share information between them, reducing bureaucracy and increasing transparency.
The Banco Central do Brasil, has announced that it now classifies traded cryptocurrencies as assets.
Banco Central do Brasil is using blockchain for information sharing because it allows horizontal communication between all regulators connected to the platform.
