On March 3, Brazil’s central bank revealed that it had selected nine projects to help with its challenge to create a digital currency central bank (CBDC). Aave is one of these projects.
The LIFT Challenge
Brazil’s central bank revealed the “LIFT Challenge”, where the current theme was “Real Digital.”
This challenge aims to assess the use cases for digital currencies issued central banks and how technologically feasible they may be. Participants must consider many factors when submitting proposals.
Scalability of the proposed solution aimed at “retail applications of national scope.”Privacy of the information that used in the use case, yet compliance with existing regulations.InteroperabilityProgrammability
Banco Central de Brasil announced recently that they have selected 9 projects to monitor, which is roughly 20% of all the proposals submitted by 43 companies.
ave amongst the Selected Few
Aave was one of the selected projects. Aave is described as a protocol that “gathers resources (forming a liquidity pool), with a focus to offer loans and guarantee the adherence of these operations the rules of financial system using DeFi tools.”
Santander Bank of Brazil and Febreban, Giesecke were also among the companies that submitted proposals for the next stage.
Brazil is investing heavily in the cryptocurrency industry. CryptoPotato reported that senator Flavio Arans has introduced a bill to regulate virtual assets as well as service providers, such brokers and exchanges. The bill would prohibit the local SEC’s interference in crypto-related legislative activity, except ICOs. The bill was approved by the Senate of the country in February. It has now been sent to the Chamber of Deputies.
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