Submissions for inclusion in the central bank’s digital currency testing are open from May 2 to 12.
The pilot program was officially launched in March, one of its stages is the purchase and sale of government bonds by individuals.
Entities wishing to test CBDC need to meet certain criteria. First of all, they must be full participants in Brazil’s financial system..
They must also have experience with distributed ledger technology (DLT) and the Etherium Virtual Machine (EVM).
The Central Bank of Brazil noted that it will admit different types of institutions to the project: commercial and investment banks, cooperatives, payment institutions and fintech companies.
This will allow for full simulation of financial flows.
Fabio Araujo, Digital Real project coordinator at the Central Bank of Brazil, said that the initiative created the Executive Committee on Governance (CEG), which coordinates the development of the platform and the actions of participants selected to participate in the pilot project.
It will involve no more than 10 organizations, but if there is high demand, the number of “testers” can be increased.
In 2021, the Brazilian central bank said it had made significant progress in developing the digital real.
One of the main objectives of this project is to address cybersecurity issues and ensure data protection, since last year the Central Bank of Brazil was already attacked by the LockBit ransomware virus.
The hackers demanded a ransom of 50 BTC for non-disclosure.