Consortium with Microsoft's Participation Conducts Operations with Drex

An association organized by the ABBC (Brazilian Banking Association) with the participation of Microsoft for the pilot project of Drex, the CBDC, carried out the first issuances, redemptions, and transfers of the digital currency in October.

These operations took place both among its own wallets and with other participants in the pilot project.

"The ABBC Consortium, the most diverse in the Drex pilot project, illustrates its significant contribution to the tests and, consequently, contributes to the Central Bank's innovation agenda, strengthening the path toward the creation of a robust and effective Brazilian tokenized currency," noted Sílvia Scorsato, president of ABBC.

Currently composed of 16 participants, the ABBC Consortium is led by BRP and includes the participation of the following financial institutions: ABC Brasil, Agibank, BMG, BOCOM BBM, BBC Digital, Banrisul, BS2, Efí Payment Institution, Pan, Conglomerado Original, PagBank, and Stone Payment Institution. In addition to these, the consortium also includes the companies BBCHain, Microsoft, and BIP.

Among the next steps, the Consortium plans to enhance the functionalities of its platform, aiming to expand the scope for testing, which will also include tokenized Federal Public Securities (TPFt) transactions.

"We are reinforcing the request for partner institutions to test the platform and inform us of any issues or improvement suggestions to enable the continuous evolution of the tests," said Euricion Murari, Director of Innovation and Services at ABBC.

Microsoft Tests Drex

Recently, the Central Bank announced that the integration of Drex with Ethereum and other public blockchains is a priority for 2024.

Currently, Drex is undergoing tests on Hyperledger Besu, a private blockchain platform compatible with the Ethereum Virtual Machine (EVM). Therefore, it can be integrated with all blockchains and tokens that also use EVM.

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