The Central Bank (BC) this week announced the Laboratory of Financial and Technological Innovations (LIFT) to begin testing Real Digital.
The LIFT Challenge Real Digital laboratory will assess the use and technological feasibility of Real Digital, the Central Bank Digital Currency (CBDC) that the bank is developing.
“We hope that Real Digital can become part of people’s daily lives, that it is used in conjunction with bank accounts, payment accounts, cards and cash, and that it helps to diversify the portfolio of means of payments available to citizens” . So that “we can safely advance on the subject, it is necessary to promote tests”, said the president of the Central Bank, Roberto Campos Neto, at the end of a series of webinars, this Wednesday (1).
According to BC, the LIFT Challenge Real Digital will be built in a collaborative environment. The proposals will be prepared in partnership with the National Federation of Associations of Central Bank Servers (Fenasbac) and market representatives interested in developing innovative solutions that benefit the population and the functioning of the Financial System.
Proposals can be submitted by site as of January 10, 2022.
“Our target audience is market participants, bringing together a qualified audience of banks and payment institutions, fintechs and technology companies interested in developing a minimally viable product based on Real Digital”, highlighted Campos Neto.
For the economist and professor at the Brazilian Institute of Capital Markets (Ibmec), Diego Rodrigues, the initiative shows that Brazil is following and getting involved with financial innovations.
“Innovations are always welcome and digital currencies have become popular, occupying an ever-increasing space in the financial market. If successful, Brazilian consumers will have more freedom, security and speed in their financial transactions”, said the economist.
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BC clarifies that projects will have priority over the following categories of use cases in an online environment:
- Delivery versus payment (DvP for delivery versus payment) aimed at settling transactions with digital assets, both native to the digital environment and tokenized;
- Payment versus Payment (PvP of the English expression payment versus payment) aimed at the exchange between currencies;
- Internet of Things (IoT internet of things) aimed at algorithmic settlement or directly between machines;
- Decentralized finance (DeFi for the expression in English decentralized finance) aimed at defining protocols with settlement based on a CBDC and bearing in mind compliance and supervision requirements established by standard.
The LIFT Challenge Real Digital will work through the development of seven stages:
– Definition of topics of interest for project submission;
– Submission of project proposals;
– Evaluation and selection of proposals;
– Development in Virtual Laboratory;
– Support and development of functional prototypes;
– Presentation and evaluation of prototypes; and
– Results presentation.
The submitted proposals will be submitted to two phases:
-Submission for the first phase must be made with the expression of interest in participating in the edition and acceptance of the regulation, information of the person responsible for the proposal and contact email with authorization to use the information provided in the application for contact and communication development throughout the LIFT Challenge period.
-Submission for the second phase will involve a video containing a general idea of the project and highlighting its innovative aspects in a total of up to 5 minutes; the possibility of presence in virtual activities and the delivery of a project draft, according to a specific model.
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