Brazil’s Drex CBDC pilot enters second phase with focus on privacy and interoperability
The Central Bank of Brazil has opened applications for phase two of its Drex central bank digital currency (CBDC) pilot project. Between 14th October and 29th November, businesses can submit proposals, particularly those that can be implemented using smart contracts. While no official launch date for Drex has been confirmed, Fábio Araújo, the Drex coordinator […]
Ripple Payments Debuts in Brazil Through Strategic Partnership with Mercado Bitcoin
Ripple, a leader in digital asset infrastructure, has partnered with Mercado Bitcoin to introduce its Ripple Payments solution in Brazil, marking its debut in the Latin American market. Mercado Bitcoin, the region’s largest cryptocurrency exchange, will be the first in Brazil to utilise Ripple’s end-to-end payments solution. This technology enables businesses to leverage blockchain for […]
Central Bank of Brazil Reveals Projects Selected for Second Phase of Drex CBDC Pilot Testing
The Central Bank of Brazil, in collaboration with the Securities and Exchange Commission, has announced a list of 13 selected themes for the second phase of the Drex CBDC Pilot platform. These themes were chosen from 42 use case proposals and mark the next step in testing the implementation of financial services using smart contracts. […]
MercadoLibre’s Fintech Arm Unveils Dollar-Backed Stablecoin in Brazil
MercadoLibre’s financial technology subsidiary, Mercado Pago, has launched its own U.S. dollar-backed stablecoin in Brazil, marking a significant expansion of its cryptocurrency offerings in the country. The stablecoin, named Meli Dolar, is pegged to the U.S. dollar at a one-to-one ratio and is now available for trading by all Mercado Pago clients via the fintech’s […]
Parfin Unveils Rayls to Enhance Privacy in Brazil’s CBDC Drex
Parfin, a financial technology firm, has developed Rayls, a new blockchain system designed to bolster privacy for Brazil’s central bank digital currency (CBDC), drex. Rayls operates in a permissioned mode, requiring Know Your Customer (KYC) compliance for all accounts, while also integrating with public blockchains via Rayls Public Chain, an Ethereum layer two (L2) solution. […]
Banco Central do Brasil Postpones DREX CBDC Initiative for Further Privacy Research
Last week, the Banco Central do Brasil officially announced a delay in its DREX central bank digital currency (CBDC) project, citing the need to further explore privacy solutions. In the interim, the bank plans to commence phase two, which will broaden the range of use cases. A call for suggestions is expected in the third […]
Brazil’s CBDC Pilot Phase Attracts Nubank, Microsoft, Visa, and SETL Among Leading Participants
In a significant development, Brazil’s central bank has unveiled its selection of 16 proposals to participate in the pilot phase of the Drex CBDC project. This notable roster of participants includes prominent names such as Nubank, Microsoft, Visa, and SETL. Brazil has been diligently advancing its digital real initiative over the course of several years, […]
Brazil’s DREX: Unveiling the Central Bank’s Digital Real CBDC
The Central Bank of Brazil has unveiled the official name for its central bank digital currency (CBDC) in a recent announcement. The CBDC will be known as DREX, which stands for Digital Real Electronic Transaction, as revealed during a live broadcast on the bank’s YouTube channel. Fábio Araújo, the coordinator of the digital real, and […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor
Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
Latin America Leads CBDC Adoption: A Roadmap for Digital Finance Revolution
Latin American countries have been making steady progress towards CBDCs. According to a report by the International Monetary Fund (IMF), the majority of central banks in the region are currently evaluating CBDCs. While most of the research and development is still in the early stages, a few nations have made significant strides towards the launch […]
