Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors

Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors

A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in public blockchains following all compliance rules set by Brazilian laws. Digital Real Completes Stellar Blockchain Test

The digital real project, a Brazilian initiative for building a central bank digital currency, is advancing toward its possible issuance. Mercado Bitcoin, a local exchange, informed that a series of pilot tests designed to examine the interconnection of a tokenized version of the digital real, was conducted successfully.

The tests used the Stellar blockchain as a public blockchain, and included all of the steps that a regular user would have to conduct for the use of a tokenized, on-chain version of the digital real, and included traceability, know your customer and antifraud procedures, derived from a digital decentralized identity system.

The digital identity tasks were conducted by Clearsale and CPQD, which handled ID and fraud prevention processes in order to make these transactions compliant with Mercado Bitcoin Pay, the tool used by Mercado Bitcoin to process the transactions.

According to the institutions behind this test, this success shows that public networks such as the Stellar blockchain can serve as proxies for the operation of the digital real. On this, Fulvio Xavier, responsible for special projects at Mercado Bitcoin, stated: Our thesis was to prove that it is possible, viable and safe to carry out transactions with digital assets using a representation of the real on public networks. The Central Bank is always concerned about understanding what happens when transactions leave its hands. More Tests

The completed test is just a part of a whole array of projects that are being conducted to assess the behavior of the digital real in different situations. Mercado Bitcoin is part of the nine institutions selected by the Central Bank of Brazil to run these tests, as part of the special Laboratory of Financial and Technological Innovations (LIFT) challenge issued in 2022.

On Feb. 14, Roberto Campos Neto, president of the Central Bank of Brazil, revealed that a full pilot test would be conducted as soon as possible to deliver a comprehensive development route for the central bank digital currency on Dec. 2023, before his mandate ends. Tags in this story Bank of Brazil, Brazil, Brazilian, CBDC, Central Bank of Brazil, digital real, interconnection, lift, Mercado Bitcoin, pilot test, public blockchain, roberto campos neto, Stellar

What do you think about the latest digital real tests? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Trezor Takes Control of Chip Production for Enhanced Security and Faster Production Time NEWS | 2 hours ago Reports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions NEWS | 14 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCeffu (Formerly Binance Custody) to be Custodian of Flynt Finance for Enhanced Asset Security and Off-Exchange Settlement Next articleBitcoin, Ethereum Technical Analysis: BTC Consolidates Ahead of Big Week of Economic Data Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin