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Brazilian digital real passes public blockchain pilot with flying colors

A tokenized version of the digital real, the Central Bank of Brazil (CBDC) digital currency, has a public Blockchain-Pilot test successfully passed. The test made by Mercado Bitcoina local exchange, using the Stellarnetwork demonstrates that the digital real token can be used on public blockchains while respecting all compliance rules set by Brazilian laws.

Digital Real Completes Stellar Blockchain Test

The Digital Real project, a Brazilian initiative to build a central bank digital currency, is making strides towards its possible issuance. Mercado Bitcoin, a local exchange, said that a series of pilot tests investigating the connection of a tokenized version of the digital real has been successfully completed.

The tests used the Stellar blockchain as the public blockchain and included all the steps a regular user would need to take to use a tokenized on-chain version of digital reality and included traceability, know your customer and anti-fraud procedures derived from a digital decentralized identity system.

The digital identity tasks were performed by Clearsale and CPQD, which handled ID and fraud prevention processes to make these transactions compliant with Mercado Bitcoin Pay, the tool used by Mercado Bitcoin to process the transactions.

According to the institutions behind this test, this success shows that public networks like the Stellar blockchain can serve as proxies for the operation of digital reality. Fulvio Xavier, responsible for special projects at Mercado Bitcoin, explained:

Our thesis aimed to prove that it is possible, feasible and secure to conduct transactions with digital assets using a representation of the real on public networks. The central bank is always trying to understand what happens when transactions leave their hands.

More tests

The completed test is just one part of a whole series of projects being carried out to evaluate the behavior of digital reality in different situations. Mercado Bitcoin is part of the nine institutions selected by the Central Bank of Brazil to conduct these tests as part of the Laboratory of Financial and Technological Innovation (LIFT) special challenge issued in 2022.

On February 14, Roberto Campos Neto, President of the Central Bank of Brazil, announced that a full pilot test would be conducted as soon as possible to provide a full development path for the central bank digital currency in December 2023, before his term ends.

What do you think of the latest digital real tests? Tell us in the comment section below.

Brazilian digital real passes public blockchain pilot with flying colors, Crypto Trading News

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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