Visa and Santander to Take Part in Brazil’s CBDC Pilot

Reading Time: < 1 minute

The second phase of the pilot, known as Drex, has received 42 proposals from the BCB and Brazil’s Securities and Exchange Commission (CVM), according to a statement from the bank. Through this phase, the BCB will supervise 11 projects, while the CVM will monitor two.

According to the BCB, this phase will involve the testing of financial services, which will be made available through smart contracts created and managed by third parties participating in the platform.

The selected projects include global companies like Visa, which will collaborate with Brazilian brokerage XP and digital bank Nubank to improve operations in the foreign exchange market.

Spanish bank Santander was also chosen to work on projects related to automobile operations and lending with a focus on decarbonization.

Other major financial institutions in Brazil, such as Bradesco, Itaú Unibanco, and the local stock exchange B3, will also participate in the second phase of the pilot.