Brazil's Central Bank Selects Visa, Santander For CBDC Pilot Phase 2
CryptoNewsTerminal Staff05 Sep, 2024
Brazil's Central Bank Selects Visa, Santander For CBDC Pilot Phase 2
Brazil's central bank has selected global payments giant Visa and Spanish lender Banco Santander to take part in the second phase of its central bank digital currency (CBDC) pilot program. The central bank said it received proposals from 42 companies in total and selected 13. Visa will work on optimizing foreign exchange operations, while Santander will be involved in a project related to car financing. The central bank will oversee 11 of the projects, while the country’s securities regulator, known as the Comissão de Valores Mobiliários (CVM), will oversee two. The inclusion of Visa and Santander in the pilot program is a sign that Brazil is serious about exploring the potential of CBDCs. CBDCs are digital versions of fiat currencies that are issued and backed by a central bank. They have the potential to make payments more efficient, transparent, and secure. Brazil is one of several countries that are exploring the use of CBDCs. China is also conducting a pilot program, and the European Central Bank is considering launching a digital euro.
