The ABBC Consortium, a participant in the Central Bank’s pilot for testing Drex, has announced that it has successfully connected its node to the test network of Drex, the digital currency of the Central Bank of Brazil. The consortium, led by the Brazilian Bank Association (ABBC) and integrated by the global technology giant Microsoft, revealed this information to CriptoFacil.
According to the consortium, the integration with the Drex node allows its members and other participants of the consortium to take part in the pilot phase of the project, in the Distributed Ledger Technology (DLT) environment of the Central Bank.
Established in May, the ABBC Consortium currently consists of 16 participants. Banco Ribeirão Preto (Banco BRP) leads the group, which includes 12 other financial institutions.
Among the participants are ABC Brasil, Banco Agibank, Banco Brasileiro de Crédito, BANRISUL, BMG, BOCOM BBM, BS2, Conglomerado Original, Efí Instituição de Pagamento, Pan, PagBank, and Stone Instituição de Pagamento, as well as three technology companies: BBChain, BIP, and Microsoft.
The installation of the ABBC Consortium’s node on Drex represents an important milestone in the Association’s contribution to the Central Bank’s innovation agenda, according to ABBC President Sílvia Scorsato. She stated that the ABBC fully shares the BC’s purpose of democratizing and encouraging new technologies, thereby allowing for a more competitive and efficient National Financial System.
Euricion Murari, the Director of Innovation and Services at ABBC, explained that the consortium will bring diversity to the Drex pilot project, with the participation of institutions of different sizes and profiles. He also mentioned that the connection will involve the use of confidential computing solutions to assess the ability to guarantee the privacy of financial transactions, ensuring the protection of data during the pilot phase.
The Central Bank of Brazil expects the Drex tests to be carried out by the first half of next year, with the first version being launched by the end of 2024.