Brazil and Stellar have completed CBDC testing
posted 27 Feb 2023
Blockchain technology has been used to pilot Brazil's digital real. Execution took place on the Stellar infrastructure of the local Mercado Bitcoin exchange.
The experiment included a KYC procedure, a fraud protection check using decentralized identity identification, and direct fund transfers.
All worked well, no violations of the country's laws were detected (thankfully, the tests had not yet been banned), though Mercado's head teased that the Central Bank's real motive was to see how things would unfold if it lost its direct control over money.
The experiment included a KYC procedure, a fraud protection check using decentralized identity identification, and direct fund transfers.
All worked well, no violations of the country's laws were detected (thankfully, the tests had not yet been banned), though Mercado's head teased that the Central Bank's real motive was to see how things would unfold if it lost its direct control over money.
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