Brazil’s cen­tral bank ex­am­ines DLT for use

Banking Frontiers - - Regulator -

Banco Cen­tral do Brasil, Brazil’s cen­tral bank, has re­leased a new re­search pa­per out­lin­ing pos­si­ble use cases for blockchains and dis­trib­uted ledgers and how var­i­ous avail­able plat­forms could be used to test the tech­nol­ogy. The cen­tral bank had un­der­taken a study ex­am­in­ing use cases for dis­trib­uted ledger tech­nol­ogy, in­clud­ing iden­tity, lo­cal cur­rency and set­tle­ment. The cen­tral bank says the ob­jec­tive is not to de­sign a pri­mary set­tle­ment plat­form for the cen­tral bank, but to cre­ate a min­i­mal backup sys­tem for funds trans­fer in the event of a ‘com­plete main [set­tle­ment sys­tem] melt­down’. The re­port says the de­sign of this sys­tem in­cludes a per­mis­sioned blockchain net­work in which fi­nan­cial in­sti­tu­tions and the cen­tral bank it­self are the val­i­dat­ing nodes.

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