• Mercado Bitcoin announced the successful completion of a series of pilot tests.
• The Stellar public blockchain was utilized for the experiments.

The Brazilian government’s plan to create a central bank-issued digital currency, known as the “digital real,” is making progress towards a likely release date. Local exchange Mercado Bitcoin announced the successful completion of a series of pilot tests. Aimed at analyzing the interoperability of a tokenized version of the digital real.

Moreover, the Stellar public blockchain was utilized for the experiments. And the processes for using a tokenized, on-chain version of the digital real were included. Furthermore, these procedures were taken from a digital decentralized identity system and featured traceability, KYC, and antifraud measures.

Merely One of Several Initiatives

For these transactions to be in line with Mercado Bitcoin Pay. Moreover, the tool used to process them, Clearsale and CPQD, which handled ID and fraud protection operations, were enlisted to handle the digital identification chores.

Furthermore, the organizations conducting this research claim that the results validate their hypothesis. That public networks like the Stellar blockchain may act as proxies for the functioning of the digital real.

Moreover, the finished test is merely one of several initiatives. Being carried out to evaluate the digital real’s behavior in various settings. The unique Laboratory of Financial and Technological Innovations (LIFT) challenge was issued in 2022, and Mercado Bitcoin is one of nine organizations chosen by the Central Bank of Brazil to undertake these tests.

President of the Brazilian Central Bank Roberto Campos Neto said on February 14 that a thorough pilot test will be carried out as soon as feasible in order to give a comprehensive development path for the central bank digital currency by December 2023, before the end of his term.