A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has successfully passed a public blockchain pilot. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the real digital token can be used on public blockchains following all the compliance rules established by Brazilian laws.
Digital Real completes stellar blockchain test
The real digital project, a Brazilian initiative for the construction of a central bank digital currency, is advancing towards its possible issuance. Mercado Bitcoin, a local exchange, reported that a series of pilot tests designed to examine the interconnection of a tokenized version of the digital real were successfully conducted.
The tests used the Stellar blockchain as a public blockchain and included all the steps that a normal user would have to go through to use a tokenized on-chain version of the digital real, and included traceability, know-your-customer, and anti-fraud. procedures, derived from a decentralized digital identity system.
The digital identity tasks were in charge of Clearsale and CPQD, who managed the fraud identification and prevention processes so that these transactions complied with Mercado Bitcoin Pay, the tool used by Mercado Bitcoin to process transactions.
According to the institutions behind this test, this success demonstrates that public networks like the Stellar blockchain can serve as proxies for the functioning of the digital realm. In this regard, Fulvio Xavier, head of special projects at Mercado Bitcoin, fixed:
Our thesis was to demonstrate that it is possible, viable and safe to carry out transactions with digital assets using a representation of reality in public networks. The Central Bank is always concerned with understanding what happens when transactions leave its hands.
More tests
The completed test is only one part of a whole series of projects that are being carried out to evaluate 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 challenge of the Laboratory of Financial and Technological Innovations (LIFT) issued in 2022.
On February 14, Roberto Campos Neto, president of the Central Bank of Brazil, revealed that a full pilot would be carried out as soon as possible to offer a comprehensive development path for the central bank digital currency in December 2023, ahead of his term. . ends
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