Banco Central do Brasil (BCB) set the directives of Piloto RD — the pilot project of its digital currency, the Digital Brazilian Real– and established the internal Executive Management Committee (CEG) to coordinate the implementation of the project.
The eligible participants must be institutions authorized to operate by the BCB that are necessarily able to test – based on their business model – the issue, redemption, or transfer of digital assets, as well as to simulate the related financial flows resulting from their trade, when applicable to the asset being tested.
The Pilot RD will run tests strictly necessary to ensure the security and privacy of user data in simulated transactions conducted within the Brazilian Digital Real’s platform. Fabio Araujo, coordinator of the Brazilian Digital Initiative, said in a statement: “CEG will manage the development of the test platform itself, coordinating the internal efforts and those of the selected participants.”
During the pilot project, the BCB will coordinate tests in a highly innovative technological environment. Ten entities will be selected to join the Piloto RD for operational reasons.
“Given the complexity of this environment, it is crucial to have well-defined and transparent rules and procedures. Accordingly, “all participants will be able to pursue the objectives of the Piloto RD by working cooperatively under the coordination of the CEG,” said Bruno Batavia from the BCB’s Currency Management Department (Mecir) at BCB, in a statement.