Stellar Foundation Joins Efforts to Create a Digital Currency Pilot in Brazil

The Stellar Development Foundation (SDF) is partnering with a major crypto exchange in an extensive testing program to grow the blockchain industry in Brazil.

In a new press release, Stellar says it has been selected along with Mercado Bitcoin exchange as one of nine participants in the Challenge Real Digital project.

The project was created by the Central Bank of Brazil’s Financial and Technological Innovations Laboratory (LIFT) to explore possible use cases for a central bank digital currency (CBDC).

Mercado Bitcoin says it chose to work with Stellar because of SDF’s past experience with CBDCs and stablecoins, as well as the Stellar network’s “unique combination of speed, efficiency, security, and compliance.”

Mercado Bitcoin CEO Reinaldo Rabelo says of the alliance,

“We are part of a consortium of companies that have the structure and ambition to build robust solutions for the financial market using blockchain technology.

The use of the Stellar network will allow us to provide a complete file for evaluation by the Central Bank.

SDF CEO Denelle Dixon adds:

“Stellar’s network stands ready to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the future of Real Digital.

Stellar was built for asset issuance, and its built-in compliance tools give Mercado Bitcoin a solid foundation to build a solution with the features that [Central Bank of Brazil] expect to see.

The non-profit SDF was established in 2014, with a native token Stellar Lumens (XLM) used for staking as well as paying for network services.

The Central Bank of Brazil provides information on the nine test projects here.

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Feature image: Shutterstock/vvaldmann/Natalia Siiatovskaia

Sylvia B. Polson