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Visa Introduces Platform for Brazilian CBDC

ByLouis Adams

Apr 28, 2023
Reading time: < 1 minute

Visa has introduced a range of solutions aimed at integrating central bank digital currency (CBDC) into the Brazilian financial system.

The company collaborated with Agrotoken, Microsoft, and Sinqia to develop a programmable platform intended for small and medium-sized businesses. The digital real platform will provide opportunities for private farmers and agricultural enterprises, increasing access to global capital markets, streamlining currency interactions, and creating economic growth prospects.

In addition, Visa has created a technology based on smart contracts for closed-bid auctions, allowing a global pool of investors to participate in financing and achieving competitive pricing.

The service is built on Universal Payment Channel technology and employs Microsoft’s transaction verification mechanism. The solution’s functionality will enable businesses to use the digital real across various markets and networks, while minimizing the inconvenience of a lack of access to traditional services.

The Central Bank of Brazil plans to launch CBDC in 2024, with the digital real’s design serving as an impetus for banks to tokenize assets and increase efficiency, according to the regulator’s head, Roberto Campos Neto.