The Central Bank of Brazil and Fenasbac, the National Federation of Associations of Central Bank Servers, decided to select nine projects to monitor and support their different proposals for the application of a hypothetical Brazilian central bank digital currency (CBDC), the digital real. Projects from companies and organizations like Aave, Banco Santander, and Mercado Bitcoin were selected to be developed as examples of how a digital real could be used.
LIFT Challenge Selects Nine Digital Real Projects
The LIFT challenge, an initiative organized by Fenasbac and the Central Bank of Brazil, has selected nine projects which present different ideas on how a future digital real CBDC (central bank digital currency) might be inserted into several applications. The Laboratory of Financial and Technological Innovations (LIFT) decided that these nine projects were the most interesting, selected out of 47 proposals presented by 43 organizations. The challenge attracted the attention of companies from all over the world, including proposals by organizations from Germany, the United States, Israel, Mexico, Portugal, the United Kingdom, and Sweden. Regarding the criteria used to select these projects and reject others, the central bank stated:[The central bank] sought a balance between the diversity of the portfolio of proposals presented to the laboratory and the need for detailed monitoring of the chosen projects.
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