O Brazilian central bank started this Monday (6th) the tests for the creation of the Real Digital, the electronic version of the Brazilian currency. The new technology will bring advances in relation to Pix, the instant payment system we are already familiar with, and will be used by the end of 2024. The project is called “Piloto RD” and will be divided into stages, with the first stage being completed in December of this year.
Central Bank starts tests to create Real Digital
In this first stage, tests will be carried out to assess the use of tokenized assets and how this can prevent money laundering. As of May, the system will begin to be tested in banks, with the initial focus on the development of online applications.
According to the coordinator of the Real Digital initiative at the Central Bank, Fabio Araujo, the platform will be used for financial services in general, while Pix is focused on payment services. The project foresees the creation of three categories of assets:
- real digital – wholesale: will work for interbank relationship. It will be the currency of the Central Bank, which today is analogous to bank reserves and liquidation accounts;
- real tokenized – retail: they will be tokenized versions of bank deposits or account balances at payment institutions;
- federal public bonds: which are assets of the federal government.
Test steps
- The Central Bank (BC) is developing a testing platform to register assets of various types and natures.
- The chosen platform is Hyperledger Besu, which is compatible with Ethereum technology and allows testing in controlled environments and transaction privacy.
- The idea is for companies to develop online applications in a decentralized way, such as payment initiators.
- The registration platform will not be tied to the Real Digital plan guidelines during the testing phase.
- BC will organize a workshop in April to pass along guidance and will choose participants in May for the pilot project.
- Participants will test transactions with the digital real in a simulated environment, using different types of assets.
- The National Treasury will participate in the testing phase to allow the construction of cheaper and more efficient technologies for trading public securities in the primary and secondary markets.
According to the Central Bank, the Real Digital technology will allow gains in efficiency, cost reduction and creation of new financial services that are currently not possible to be offered. The operating cost will be evaluated throughout the project, but there is no need for a large investment in infrastructure for the initial pilot phase.
And you, what do you think of the creation of the new digital real? Leave your comment below!
Source: Brazil Agency
