BC selects 16 proposals to participate in the Real Digital pilot

The Central Bank selected 16 proposals to participate in the Real Digital pilot, a digital currency that will be issued by the monetary authority. By creating the digital version of the Real, transforming financial assets into tokensthe BC intends to facilitate transactions and enable the digital movement of resources, payments and goods, among other possibilities.

Tokens they are real assets converted into digital ones. From the digital representation of a good or a financial product, the BC seeks to facilitate negotiations in virtual environments, through a series of codes with requirements, rules and identification processes.

According to BCthe selection for the pilot phase of Real Digital was made from 36 proposals submitted by more than 100 institutions from different financial segments – including individual applications and consortia of entities.

Banco do Brasil, for example, is among the individual selected. Caixa was selected as a member of a consortium that includes the companies Elo and Microsoft.

The complete list of entities selected by the Executive Management Committee was disclosed in the site do BC.

Test phase

According to the Central Bank, Pilot RD is the testing phase for operations with Real Digital, in a simulated environment, without involving transactions or real values. In this step, the “benefits of the programmability of a multi-asset distributed ledger technology platform for operations with tokenized assets” will be evaluated.

Therefore, services and functionalities will be tested, based on specific use cases focused on privacy, amid exchanges of information between platform participants.