LatinNews Daily - 07 March 2023

In brief: Brazil begins tests for digital currency

* Brazil’s central bank (BCB) has announced the launch of the pilot project “Piloto RD” (Real Digital), a series of tests undertaken ahead of the planned launch of a new digital currency. According to a BCB statement, the platform for the “digital real” will process payments of “tokenised assets” using digital ledger technology (DLT), the infrastructure from which blockchains are created and the technology on which many cryptocurrencies are built. The central bank aims to create a currency which will adhere to regulations “regarding privacy, data protection, and the prevention of money laundering.” With the pilot project beginning in March 2023, the BCB aims to complete the project at the end of 2024, after which it plans to be able to roll out the digital currency for public use. The pilot project will initially take place in a “simulated environment,” not using real transactions. From May 2023 onwards, a select group of authorised financial institutions will participate in the project to test the digital currency’s payment systems, and from March 2024, the BCB will begin to evaluate the results of the pilot project.

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