Largest Crypto Exchange in Brazil Has Teamed Up with Stellar to Develop a CBDC

On May 24, Mercado Bitcoin, Latin America’s largest cryptocurrency and digital asset platform, announced a collaboration with the Stellar Development Foundation (SDF) to help create Brazil’s CBDC. Mercado Bitcoin will work on one of the nine projects promoted by the Laboratory of Financial and Technological Innovations of Brazil (LIFT), which was created to develop a “minimum viable product (MVP)” for a CBDC that meets the goals of the Brazilian government, according to an official post shared by the Stellar Foundation. Brazil’s Largest Crypto Exchange Partners With Stellar To Work on a CBDC — Daniel Rue (@RueschendorfD) May 25, 2022 In this situation, a “Minimum Viable Product” would be a CBDC solution that is functional enough to meet the Central Bank of Brazil’s minimum requirements, thus giving the best possible product with the least amount of effort. The Central Bank of Brazil (BC) and the National Federation of Central Bank Servers Associations backed the project (Fenasbac). Furthermore, all initiatives will focus on various use cases for the Central Bank of Brazil’s planned CBDC. Mercado Bitcoin Intends to Meet the Expectations of the Brazilian Central Bank Mercado Bitcoin CEO Reinaldo Rabelo stated that the company hopes to develop powerful solutions based on Stellar’s blockchain technology. This should be sufficient to meet all of the Brazilian CBDC’s review and future approval criteria. “We are in a consortium of co...