The Central Bank of Brazil (BCB) is advancing its central bank digital currency (CBDC) framework initiative by collaborating with Banco Inter, Microsoft Brazil, 7COMm, and Chainlink, according to a Nov. 19 statement.
The partnership aims to support trade finance solutions in the second phase of Brazil’s DREX pilot program. This phase will focus on automating cross-border settlements for commodity transactions using blockchain technology and oracles.
Chainlink’s role
The test leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enable seamless interactions between Brazil’s DREX platform and foreign central banks.
The initiative will tokenize an Electronic Bill of Lading (eBOL) and integrate supply chain data to automate payments. This>Brazil.”
