Cryptocurrency exchange Mercado Bitcoin has partnered with the Stellar Development Foundation (SDF) to develop Real Digital. Precisely, the organizations will develop one of the nine projects selected for the LIFT Challenge of the Central Bank (BC).
LIFT is a collaborative environment created by the BC in partnership with the National Federation of Central Bank Server Associations (Fenasbac). The objective is to explore use cases of a CBDC in Brazil. In other words, move towards the launch of a digital currency issued by the Central Bank.
As CriptoFácil previously reported, BC’s initiative is to identify the fundamental characteristics of an infrastructure for Real Digital. The idea is that the infrastructure supports the use cases presented by LIFT Challenge participants.
In addition, the BC has already announced that Real Digital will be launched in the second half of 2022. In its first phase, a restricted audience will test the Brazilian CBDC.
Stellar and MB
According to the announcement, SDF joins CPQD and ClearSale in the Bitcoin Market LIFT Challenge. According to Reinaldo Rabelo, CEO of the exchange, the Stellar network will help deliver what is needed.
“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market. This is all through blockchain technology. Using the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank”.
Meanwhile, Denelle Dixon, CEO of the Stellar Development Foundation, stated that the partnership strengthens the Stellar ecosystem. After all, the network has essential tools to develop a solution.
As Dixon highlighted, Stellar’s network is prepared to support the Bitcoin Market and BC in exploring use cases for Real Digital.
“Stellar was designed for asset issuance. As such, its built-in compliance tools give the Bitcoin Market a solid foundation to develop a solution with the features the BC expects to see,” he said.
Finally, MB reported that it selected the Stellar network for its speed, efficiency, security, and compliance.
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