Brazil: Adopted Central Bank Regulation for the Real Digital Platform Pilot Project

On 27 April 2023, the Central Bank of Brazil adopted the regulation establishing a digital platform pilot project (Piloto RD), as outlined in Resolution BCB No. 315. The regulation establishes the rules and procedures for the pilot project's functioning, coordinated and controlled by the Central Bank of Brazil. It also sets the criteria for participant selection, participation obligations, and conditions for participant exclusion. The initiative aims to validate the use of Distributed Ledger Technology (DLT) on the Hyperledger Besu platform, focusing on the programmability with financial assets and compliance with legal and regulatory requirements, especially concerning the privacy of transaction-related information.