The Central Bank of Brazil has opened applications for phase 2 of its Drex central bank digital currency (CBDC) pilot project from Oct. 14 to Nov. 29. The bank is seeking business cases that can be executed through smart contracts. While the launch date for Drex is uncertain, the Drex coordinator at the Central Bank, Fábio Araújo, suggested live tests may follow this pilot phase. The bank emphasized the need for privacy solutions in line with the Brazilian General Data Protection Law and overcoming legal obstacles. Thirteen new cases have been confirmed for the pilot, covering areas like tokenization, DeFi, and interoperability with other networks. The project aims to replace Brazil's real-time gross settlement system. The first phase involved sixteen consortia, with the Brazilian Association of Banks playing a key role. Despite being proposed in 2015, digital real testing only commenced in 2022. Read more AI-generated news on: https://app.chaingpt.org/news

#CBDC