Central Bank starts testing with digital real platform - Kasamim Noticias
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Central Bank starts testing with digital real platform

Central Bank starts testing with digital real platform

Type of official cryptocurrency of the Central Bank (BC), the digital real entered the testing phase this Monday (6), through a platform that allows the registration of various types of financial assets. The tool should only be available to account holders at the end of 2024, when it will begin receiving tokenized deposits (real assets converted into digital assets).

Tokenization can be defined as the digital representation of a good or financial product, which facilitates negotiations in virtual environments. Through a series of codes with requirements, rules and identification processes, assets (or fractions thereof) can be bought and sold in virtual environments.

According to the Central Bank project coordinator, Fabio Araujo, the digital real will function as a large-scale Pix, which will allow instant transfers of large wholesale amounts, such as large companies and financial institutions. Pix, he explained, serves retail, being used by individuals, entrepreneurs and small businesses.

“The digital real will be a payment method to support the offering of retail financial services. It is the Pix of financial services, which aims to expand [digital] products on the market”, said Araujo. “The focus of the project is tokenized real-world assets, not cryptoassets,” he highlighted.

Phases

In this first phase, the BC begins to develop a testing platform that records assets of various types and natures. According to Araujo, the environment is starting to be developed now so that tests can begin with the new monetary system. The chosen platform was Hyperledger Besu, which operates with open source, which reduces licensing costs and royalties of technology.

A network compatible with Ethereum technology (a type of cryptocurrency), Hyperledger Besu allows testing in controlled environments and guarantees transaction privacy. Based on this platform, the BC expects companies to develop online applications. According to the organization, the idea is for this development to occur in a decentralized way, as in payment initiators, a tool that allows payments outside of bank applications.

In the testing stage, the registration platform will not be linked to the guidelines of the Real Digital plan, announced in May 2021. The Central Bank will use a distributed registration “programmability” technology (DLT, Distributed Ledger Technology). .

Through the distributed system, each participant in the financial sector will have to contribute their share of the infrastructure. In April, the BC will organize a workshop with financial institutions and technology companies to pass on the guidelines. In May, the monetary authority will choose the participants for the pilot project.

With the participants defined, there will be tests of transactions with the digital real in a simulated environment, without real values. The assets to be used in the pilot project will be the following: deposits from bank reserve accounts, settlement accounts and the National Treasury's single account; demand bank deposits; payment accounts of payment institutions; and federal public bonds.

According to the general coordinator of Public Debt Operations at the National Treasury, Luis Felipe Vital, the Treasury will participate in the testing phase to allow the construction of cheaper and more efficient technologies for trading public bonds in the primary market (when the Treasury itself issues the papers) and secondary (when securities already issued change hands).

“Today, bond auctions take place in one of the infrastructure structures in conjunction with the Central Bank. If adjustments are necessary, they will be built during this testing phase”, said Vital. In simulated operations, a fictitious investor will buy public bonds through the bank's application that will connect to the testing platform. The tests will also include the possibility of repaying loans with long-term investment resources without “dismantling the portfolio” (without getting rid of the entire financial investment).

Conclusion

The testing phase, explained Araujo, will be completed in December this year. In March 2024, the results will be evaluated. If it is able to support simulated transactions, the Hyperledger Besu platform will be used to assemble the digital real. “We want to reach project maturity from the end of 2024. Our schedule foresees opening up public participation at the end of next year”, declared the project coordinator at BC.

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