Brazil’s Central Bank Selects Visa, Santander for CBDC Pilot Phase 2
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The Central Bank of Brazil (BCB) has announced the selection of 13 themes for the second phase of its Central Bank Digital Currency (CBDC) pilot, known as Drex. This phase will focus on testing financial services through smart contracts managed by third-party participants.
From a pool of 42 use case proposals, the BCB, in collaboration with the Securities and Exchange Commission (CVM), selected themes that cover a range of financial services, including optimizing the foreign exchange market and automobile transactions.
Key global participants, such as Visa and Santander, are set to play prominent roles in this phase. This indicates the pilot’s growing importance on both national and international levels.
The second phase of the Drex pilot includes a diverse group of participants, comprising 16 consortia or companies, who will test and develop essential resources for the platform’s operation.
Major global players, like Visa and Santander, are among the notable participants.
Visa, in partnership with XP and Nubank, will focus on optimizing the foreign exchange market. This is a strategic move to streamline cross-border transactions using the CBDC infrastructure.
On the other hand, Santander is set to explore the potential of CBDCs in automobile transactions and will also work on a project related to credit transactions and decarbonization, aligning with global sustainability goals.
The BCB has divided the 13 selected themes between itself and the CVM, with the central bank overseeing 11 themes and the securities regulator supervising
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