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On Tuesday, Mercado Bitcoin announced a collaboration with the Stellar Development Foundation (SDF) to study one of the nine LIFT Challenge Real Digital concepts.

LIFT is a collaborative environment sponsored by the Central Bank of Brazil and the National Federation of Associations of Central Bank Servers to evaluate the CBDC’s use cases in the area.

The agreement will see Mercado Bitcoin, Latin America’s largest exchange, and the Stellar Development Foundation (SDF) investigate use cases for a digital currency that the Banco Central will issue do Brasil (BCB). The Central Bank of Brazil is looking for infrastructure qualities in Real Digital that will enable the LIFT challenge use cases.

Mercado Bitcoin chose the Stellar network because it is the network of choice for other CBDC initiatives, financial asset tokenization, stablecoin issuance, and its unique combination of compliance, speed, efficiency, and security, according to the company.

CPQD, a Brazilian IT, and communication corporation, and ClearSale, a fraud control and chargeback protection services provider, have both joined SDF in the LIFT Challenge, according to the statement.

Public-Private Partnerships

Because of the collaboration between the public and commercial sectors, the Brazilian CBDC project is going forward.

In March, the Banco Central do Brasil (BCB) received 47 applications from 43 companies from the United States, Germany, the United Kingdom, Portugal, Sweden, Israel, and Mexico.

BCB chose nine companies to investigate the potential and possibilities presented by digital money. Mercado Bitcoin, Latin America’s largest digital asset exchange, Ita Unibanco, the region’s largest bank with over 4,000 branches, and Banco Santander Brasil, Brazil’s largest foreign bank with over 29 million clients, were among the companies chosen, as were Tecban, VERT, and Febraban, Visa, and Aave.

The LIFT Challenge initiative allows the central bank to collaborate with participants on key issues related to implementing a “digital real” to deepen their understanding and business models, ensuring the development of a digital currency that can enhance national payment and settlement systems while also benefiting the entire society.

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