ConsenSys, the company that owns the famous MetaMask wallet, abandoned the project of the Central Bank of Brazil to create the digital Real built since March 2022 in collaboration with Visa and Microsoft.
On the occasion, the Central Bank chose Aave and 8 other companies to develop the digital real, including ConsenSys.
Visa do Brasil, Microsoft and ConsenSys submitted a proposal for a DeFi solution linked to the financing of small and medium-sized businesses that could be implemented more easily than is done today.
The focus of the BCB is to create a digital currency (CBDC) that can have items on blockchain, but as the project is still in the testing phase, it is not guaranteed to use the technology as a foundation.
ConsenSys may have abandoned the project to bring the digital Real . to create
Real Digital is still a dream of the Central Bank of Brazil, which is studying a way to launch innovations in the Brazilian financial system that will allow the country to have the most modern in the world.
For this, having a currency in digital format would allow the municipality to reduce costs through the issuance of in-kind currency, as well as greater control over monetary policy. The relationship with banks would also change, although they would retain their power in the digital system, with the autonomy to even create their own stablecoins.
ConsenSys left the Lift Challenge project, which has until February 2023 to present new use cases for Digital Real.
With this exit, it is up to Visa Brasil and Microsoft to complete the delivery of this product. ConsenSys’ departure was not disclosed on the social networks of the company, which is considered the main software maker of the Ethereum ecosystem and owner of MetaMask.
It is remarkable that Real digital started executing the projects at the beginning of September 2022 and that it is not clear what prompted the company’s departure.
MetaMask, ConsenSys’ main application, has started accepting PIX, a solution which is a direct payment method created by the Central Bank of Brazil, in recent months.
In addition, some ConsenSys vacancies have been posted in Brazil. With the exit of the Real digital project, it is unclear whether the company’s plans in the country will be reduced as the cryptocurrency market goes through a phase of declines.
What did the Central Bank of Brazil say?
O live coins contacted the Central Bank of Brazil, which informed ConsenSys that it will not participate in the meetings in the development phase, but that its technology would be used.
“Visa do Brasil has submitted the LIFT Challenge application in partnership with Consensys and Microsoft. At the beginning of the work, the BC was informed that the technology provided by ConsenSys would continue to be used, but that the company would not participate in the meetings of the development phase of the business model.
The LIFT Challenge is a step to define use cases for Real Digital, where the technology platform is a supporting element. Given this focus, the choice of the technological infrastructure is up to the participant.”
Wanted, ConsenSys did not return until the case’s closure and the space remains open for demonstrations.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
