Brazil has joined those countries that are considering options for creating a national digital currency (CBDC). However, the Central Bank of this Latin American state will not rush to launch the token.
The largest Brazilian bitcoin exchange Mercado has become a member of the project to create a digital real. Developers can deploy a token based on the Stellar blockchain.
The Stellar Foundation team published a partnership statement last Tuesday.
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The Central Bank of Brazil emphasized that the launch of the CBDC will become part of the program to modernize the state's payment infrastructure.
Reinaldo Rebelo, CEO of the Mercado platform, said that several companies are involved in the creation of the digital realm. The Stellar network is considered by the Central Bank of Brazil as the best platform for deploying the token from a technical point of view.
Recently, the head of the Central Bank, Roberto Campos Netto, announced that a test version of the token could appear by the end of 2022. Like any CBDC, each virtual coin will be backed by one Brazilian Real.