Brazil Stock Exchange exploring ways for CBDCs development

Brazil Stock Exchange exploring ways for CBDCs development 2

Brazil Stock Exchange is working as a bridge to provide data inputs from the country’s CBDCs smart contract for the national Central Bank Digital Currency.

As all of us know very well how blockchain adoption has increased tremendously with the time. Almost all the countries’ central banks are looking to develop their CBDCs to advance their financial infrastructure with the innovative technology. Recently BIS published a report on the global CBDCs system features that can make blockchain based central bank digital currency more adaptive.

Read also: Effective CBDCs should involve public and private actors, says BIS

Brazil Stock Exchange (B3) is one of the fee rarest stock exchanges which supports the Bitcoin Exchange traded fund. This exchange knows about the potential of the blockchain technology and wants to support the CBDCs of nation development more better through the data of countries’s smart contract data use. 

The managing director of listed products and data at B3, Luis Kondic, stated that B3 is working to provide the Oracle data of the other CBDCs smart contract to help in the building of Brazil CBDCs, Digital Real. 

“We are looking at it and evaluating the best ways to interact and participate in this ecosystem. However, I believe this is something for us to evolve and move forward to meet the future needs of this programmable cash payments system,” 

Oracles are highly essential part of the CBDCs. It is actually a protocol that defines the working mechanism for the blockchain programs. It is known as smart contract. In the present time designation of the CBDCs’s smartcontract is a very tedious task because existing traditional smartcontract can’t be directly use for the CBDCs because Central banks want to make centralized the Digital fiat currency with the Blockchain and want to make CBDCs just like a highly advanced automatic system that can implementing automatic profit distribution all other stuff without any effort after development.

In the last month, news came from Brazil, where the Central Bank of Brazil showed a presentation and said that they are studying deeply about smart contracts and decentralized finance applications, hopefully for the development of Central Bank Digital Currency.

Read also: Indian people wants to understand crypto : Survey

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