Visa Unveils Blockchain and CBDC Project in Brazil for SMEs


Visa has partnered with Agrotoken, Microsoft, and Sinqia to launch a new blockchain and central bank digital currency (CBDC) project in Brazil. The project aims to explore the use cases of blockchain technology for the prototype digital real developed by the Brazilian central bank. The bank plans to launch its coin later this year to help local businesses, particularly small and medium-sized enterprises (SMEs).

Visa’s financial platform is designed to cater to SMEs, especially small-scale farmers and agricultural firms. The platform includes Universal Payment Channel (UPC), which will enable traders and companies to connect the Brazilian CBDC to other CBDCs, stablecoins, or tokenized deposits. This will allow agricultural industry players to use the digital real in different markets and networks.

The firms claim that the platform will help expand the financing options available for SMEs to fund their businesses securely and frictionlessly, as well as reduce the inconvenience caused by a lack of access to traditional services. The platform is designed to bring existing financial processes and assets onto the blockchain protocol, which will enable farmers to tokenize traditional contracts.

Visa has used Agrotoken’s agricultural commodity tokenization expertise to transform existing Brazilian legal documents into on-chain, tradable non-fungible tokens (NFTs). Visa has also developed an on-chain sealed-bid auction solution that uses smart contract technology to enable a pool of global blockchain investors to participate in the funding process for SME financing.

The project is expected to bring significant benefits to SMEs in Brazil, particularly those in the agricultural industry. The platform will enable them to access financing options that were previously unavailable, streamline financial processes, and tokenize traditional contracts.

In conclusion, Visa’s new blockchain and CBDC project in Brazil is a significant development that highlights the potential of blockchain technology in the financial sector. The project’s focus on SMEs is commendable, and it is expected to bring significant benefits to the Brazilian economy. It will be interesting to see how the project unfolds in the coming months and how it impacts the adoption of blockchain technology in the region.

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