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Mercado Bitcoin Joins Brazil’s CBDC Push For 2024

Mercado Bitcoin, Brazil’s premier cryptocurrency exchange, is making headlines as it gears up to partake in the nation’s ambitious pilot project that targets the release of a digital real. The Central Bank of Brazil aspires to revolutionize the financial landscape by introducing this advanced financial product in 2024.

Mercado Bitcoin Paving the Way for CBDC Development

As a regional news source highlighted, the Banco Central do Brasil has granted Mercado Bitcoin the privilege to participate in the Central Bank Digital Currency (CBDC) creation. Fabricio Tota, the director of new business at the exchange, commented on the development, saying:

“Our inclusion underscores the Central Bank’s intent to infuse innovation into the financial system with those who have previously navigated these technological waters, and not merely with the traditional players who have taken control of it.”

Collaborative Efforts: The Who’s Who of Brazil’s Financial Scene

In addition to Mercado Bitcoin, other project contributors encompass recognized entities such as the payment processing behemoth Mastercard, the innovative financial software fintech Sinqia, and the esteemed brokerage firm Genial, among others.

The Brazilian Central Bank has clearly specified that only regulated financial institutions directly connecting to the National Financial System (SFN) can contribute to the CBDC initiatives.

The collaborative team is dedicated to involving themselves in all facets of the test, including wholesale, retail, and National Treasury securities negotiations.

Vision of Central Bank: A CBDC Launch in Sight

The Central Bank has its sights set on the launch of a CBDC by next year. Per the initial blueprint, this monetary tool will be a blockchain-based mechanism supporting retail transactions and guaranteed by customer bank deposits.

Fabio Araujo, the coordinator of the CBDC project, expressed optimism about this shift: “This transformation holds the potential to diminish credit costs, enhance returns on investments, and create opportunities for new service providers and fintechs, thereby democratizing market access and facilitating new service offerings.”

Brazil’s Central Bank as the Crypto Regulator

The Central Bank of Brazil, beyond its responsibilities of issuing a digital real, has also been recently assigned the role of the nation’s cryptocurrency overseer. This decision became official on June 20, under the leadership of President Luiz Inácio Lula da Silva.

According to the newly enforced regulations, local firms are prohibited from offering crypto services without obtaining authorization from the financial institution. The bank is also mandated to ensure organizations comply with anti-money laundering protocols and are not associated with illegal activities, including financing terrorism.

The role of Brazil’s Securities and Exchange Commission (SEC) in the regulatory process also bears mentioning. In collaboration with Banco do Brasil, it will monitor digital currencies classified as securities. However, the current domestic law remains ambiguous, not distinctly categorizing which assets fall into that bracket and which are considered commodities.

The post Mercado Bitcoin Joins Brazil’s CBDC Push For 2024 appeared first on CryptoMode.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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