- Blockchain Stellar took part in testing
- The testing is expected to be completed by the end of this year.
Brazilian real tokenized version successfully passed pilot testing. The test was conducted by the local crypto exchange Mercado Bitcoin using the Stellar network. The currency has fulfilled all the requirements that Brazilian legislation has established and is fully ready for use in public blockchains.
During testing, the Stellar blockchain was used. The tests included all stages of transactions, from registration and verification of information to compliance with anti-fraud and KYC rules for opening an account.
Clearsale and CPQD were involved in fraud identification and prevention. Their goal was to make transactions compatible with Mercado Bitcoin Pay, which the exchange uses to process transactions.
Some public organizations believe that public networks such as Stellar can serve as a proxy for the operation of the digital realm. Local stock exchange spokesman Fulvio Xavier said:
“Our goal is to prove that it is possible to safely conduct transactions with virtual assets. The Central Bank is always concerned to understand what happens when transactions get out of its hands.”
BCB President Roberto Neto said the authorities want full testing to be completed as quickly as possible in order to provide customers with a full package of services by December 2023.