TradFi, FinTech and crypto at the bedside of the digital real. THE Brazil is one of the major countries in the world that is advancing the fastest on its central bank digital currency (MNBC). It has been known since the end of last year that the governor of the local central bank wants to speed up its commissioning and that he has gathered around him a business consortium to proceed to the testing phase. On the other hand, a doubt persisted on the participation of the most important crypto exchange of the country which was recently excluded from the program. By obtaining a payment operator license, Mercado Bitcoin is back in the game and will bring all his crypto expertise to the group of 14 companies selected for the project. Direction Brasilia to take stock of all this.
Launch of digital real by 2024, 14 companies involved
In December 2022, the Governor of the central bank of Brazil launched a program of MNBC with the ambition of a launch planned for 2024. In order to develop its digital real, 14 companies from traditional finance, national and international FinTech and crypto were invited to reflect on the project. During this announcement, Bitcoin Mercado (MB), the largest platform in the country was among the participants. Issue ? At the end of May, the company was excluded from the consortium because it was not regulated in the country.
Finally, at the beginning of June, Mercado obtains a payment operator license and founded MB Pay. Thanks to this regulatory dubbing, the exchange can now reintegrate the MNBC project as soon as possible. Fabricio Totaa company official welcomed the announcement:
“Our participation validates the Central Bank’s intention to bring innovation to the financial system with those who have already worked with this technology and not just with traditional finance players. »
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A behemoth of the Brazilian crypto sphere leads the project
The project roadmap plans to integrate the different actors on the platform Real-Digital Driver during the month of June. Among the companies that will work on this MNBC, there is in particular the payment giant MasterCard who intends to do well the hyphen between crypto and traditional financeas stated Walter PimentaExecutive Vice President of Products and Engineering at Mastercard Latin America and the Caribbean:
“We are delighted to be part of the consortium selected to join the Real Digital pilot project in Brazil. Mastercard continues to engage in a series of partnerships to build trust and compliance in the digital asset ecosystem, while solving real-world problems. »
The objectives of the pilot project are to test and evaluate the technical aspects and the viability of the future digital currency Brazilian. But it is also a matter of issuing goods of treasure who would be affected by the trials according to the Brazilian press.
The central bank of Brazil therefore trusts its national exchange to help it set up the MNBC and even granted him a license in order to guarantee his participation. The institutional flip-flop is a positive sign sent to the Brazilian crypto sector which joins other historical players in traditional finance. The largest country in Latin America seems on the same wavelength as the IMF which advocates regulating rather than prohibiting. The beginning of a new era ?
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