• Login
Whats Current In
No Result
View All Result
  • Blockchain
  • Cyber Security
  • Gadgets & Hardware
  • Startups
    • Angel investing
    • Venture Capital
  • More Tech News
    • AI
    • App Development
    • Cloud & SaaS
    • Gaming
    • Web Development
  • Blockchain
  • Cyber Security
  • Gadgets & Hardware
  • Startups
    • Angel investing
    • Venture Capital
  • More Tech News
    • AI
    • App Development
    • Cloud & SaaS
    • Gaming
    • Web Development
No Result
View All Result
Whats Current In
No Result
View All Result
Home Blockchain

Digital Real Pilot to Run on Ethereum-Compatible, Permissioned Blockchain

Sergio Goschenko by Sergio Goschenko
March 10, 2023
Reading Time: 3 mins read
0
Digital Real Pilot to Run on Ethereum-Compatible, Permissioned Blockchain

digital real cbdc ethereum

RELATED POSTS

North Korean hackers behind Atomic Wallet breach, finds intelligence firm

North Korean hackers behind Atomic Wallet breach, finds intelligence firm

Zenit World introduces token rewards program to celebrate 80,000 registrations

According to the Central Bank of Brazil, the digital real pilot project will use an Ethereum-compatible, permissioned blockchain for the issuance of the tokenized version of the country’s currency. Hyperledger Besu, the open-source platform elected for the tests, will allow the project to run without any licensing costs and to deal with maintenance costs later, if the platform is definitely chosen.

Tokenized Digital Real Pilot to Use Ethereum-Compatible Hyperledger Besu

Brazil continues to move forward with its plan of delivering a working version of its own central bank digital currency (CBDC), the digital real, for the end of 2024. According to reports, the central bank of the country chose Hyperledger Besu, an open-source, Ethereum-compatible blockchain platform, as the base upon which to run the tokenized version of the digital real.

Local analysts believe the compatibility with Ethereum might bring a slew of third parties to develop applications and services using the tokenized digital real, opening the economic playing field to more competition. However, this could also minimize the role of banks in the new digital economy. On this, JC Bombardelli, CTO of ed-tech startup Gama Academy, stated:

I don’t think it’s a total nod to the defi world because that would mean giving up a lot of controls that the central bank would never want to have.

Another reason for choosing Hyperledger Besu would be its open-source origins, which would allow the government to use it without having to pay for licenses.

Two-Tier Structure

The tests, which are slated to start this month, will only include the tokenized version of the digital real, destined to be used in various transactions and issued by private banks with deposits as collateral.

The final structure of the digital real will include a two-tiered system, in which the real currency will only be managed by authorized institutions. On this, Fabio Araujo, coordinator of the digital real projects at the Central Bank of Brazil, stated:

Buy JNews
ADVERTISEMENT

The regulatory framework will be the current one to avoid asymmetries in relation to what exists today. The digital real will serve more for interbank transactions and the tokenized real will be a kind of stablecoin issued by banks.

The digital real structure allows banks to keep their functions in the system and answers to a series of privacy and compliance worries. However, other CBDCs like the Chinese digital yuan, deliver the actual currency to its users and can be used directly to make and receive payments via a digital wallet.

What do you think about the decision to use Hyperledger Besu, an Ethereum-compatible system, for the issuance of the digital real? Tell us in the comment section below.

Share54Tweet34Pin12
Sergio Goschenko

Sergio Goschenko

Related Posts

North Korean hackers behind Atomic Wallet breach, finds intelligence firm
Blockchain

North Korean hackers behind Atomic Wallet breach, finds intelligence firm

June 7, 2023
North Korean hackers behind Atomic Wallet breach, finds intelligence firm
Blockchain

North Korean hackers behind Atomic Wallet breach, finds intelligence firm

June 7, 2023
Zenit World introduces token rewards program to celebrate 80,000 registrations
Blockchain

Zenit World introduces token rewards program to celebrate 80,000 registrations

June 7, 2023
How Bitcoin remains unfazed amid market instability
Blockchain

How Bitcoin remains unfazed amid market instability

June 7, 2023
AmazeWallet: The world’s first Web3 smartwallet
Blockchain

AmazeWallet: The world’s first Web3 smartwallet

June 7, 2023
Traders expecting SHIB’s reversal should read this
Blockchain

Traders expecting SHIB’s reversal should read this

June 6, 2023

Recommended Stories

Why Polkadot’s recovery faces headwinds

Why Polkadot’s recovery faces headwinds

June 4, 2023
PancakeSwap [CAKE] was left alone in bull rally, will the v3 launch help

PancakeSwap [CAKE] was left alone in bull rally, will the v3 launch help

March 25, 2023
Can BTC see recovery in June as the BRC-20 frenzy runs out of steam

Can BTC see recovery in June as the BRC-20 frenzy runs out of steam

May 29, 2023

Popular Stories

  • New Python malware backdoors VMware ESXi servers for remote access

    Massive ESXiArgs ransomware attack targets VMware ESXi servers worldwide

    137 shares
    Share 55 Tweet 34
  • Exploit released for actively abused ProxyNotShell Exchange bug

    137 shares
    Share 55 Tweet 34
  • Facts and myths about the warriors who raided Europe and explored the New World

    137 shares
    Share 55 Tweet 34
  • RedEyes hackers use new malware to steal data from Windows, phones

    136 shares
    Share 54 Tweet 34
  • New Windows Server updates cause domain controller freezes, restarts

    136 shares
    Share 54 Tweet 34
Whats Current In

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Visit our landing page to see all features & demos.

LEARN MORE »

Recent Posts

  • North Korean hackers behind Atomic Wallet breach, finds intelligence firm
  • North Korean hackers behind Atomic Wallet breach, finds intelligence firm
  • Zenit World introduces token rewards program to celebrate 80,000 registrations

Categories

  • Apple Computer
  • Blockchain
  • Cyber Security
  • Tech News
  • Venture Capital

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Blockchain
  • Cyber Security
  • Gadgets & Hardware
  • Startups
    • Angel investing
    • Venture Capital
  • More Tech News
    • AI
    • App Development
    • Cloud & SaaS
    • Gaming
    • Web Development

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?