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    BCB Joins NGFS Committee, Invites Proposals on CBDC Use Cases

    January 18, 2022

    The Central Bank of Brazil (BCB), along with the Bank of Italy, is now part of the Steering Committee of the Network for Greening the Financial System (NGFS). The two institutions have been appointed in the Committee for a two-year term that commences in January 2022. For BCB, this move is a recognition of its efforts in the area of sustainable finance. In addition, BCB announced that, from January 10, 2022 to February 11, 2022, the "Real Digital LIFT Challenge" is open for proposals on technological innovation projects to evaluate use cases and technological solutions in context of the Brazilian central bank digital currency or CBDC.

    In line with the focus of the challenge, preference will be given to selecting projects from the following categories of use cases in an online environment:

    • Delivery versus payment aimed at settling transactions with digital assets—both native to the digital environment and tokenized
    • Payment versus payment aimed at the exchange between currencies
    • Internet of Things aimed at either algorithmic settlement or directly between machines
    • Decentralized finance with the aim to define protocols with settlement based on a central bank digital currency and considering the standard compliance and supervision requirements

     

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    Keywords: Americas, Brazil, Banking, Steering Committee, Digital Currency, Lift Challenge, Regtech, Suptech, ESG, NGFS, BCB

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