The Brazilian stock exchange (B3), one of the few exchanges in the world that trades Bitcoin Exchange Traded Funds (BTC) (ETF), is looking for input for the bank’s digital currency, the country’s central bank (CBDC).
Luis Kondic, executive director of B3-listed data and products, claims the exchange is looking for miracles to connect external data to the expected Brazilian CBDC, real digital. The CEO made his remarks at an online CBDC-related event organized by the Central Bank of Brazil on September 30th. Cointelegraph Brasil reports.
“We review and evaluate the best ways to interact and participate in this ecosystem. However, I believe this is something for us to grow and move forward to meet the future demands of this programmable cash payment system, ”said Kondic.
Oracles are an important part of smart contracts and provide data feeds from external sources in order to execute smart contacts under certain conditions. According to Kondic, smart contracts could bring a number of benefits to the Brazilian CBDC, including the implementation of automatic profit distribution based on B3 oracle inputs.
“There are many uses, for example, you can automatically schedule the distribution of funds to shareholders based on the company’s profit; Plan for money to automatically settle the issue and payment of accounts receivable or payments to suppliers in a distribution chain, ”explains the manager.
Other banks such as the Reserve Bank of New Zealand have also outlined possible uses of smart contracts for CBDCs, including the automatic execution of rental or bill payments.
Related: Bank of England Announces All-Star Payouts and Tech Lineup for CBDC Forum
The news comes as Brazilian’s central bank is working on developing a CBDC after setting up a dedicated research group for the crypto industry last October.
On September 9, Brazil’s central bank released a presentation saying the agency is investigating potential smart contracts and decentralized financial applications as part of its CBDC investigation.
The regulatory authority assumes that the first digital real tests will be introduced in 2023 after a proof of concept in 2022.
Additional reporting from Lucas Caram.