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BRICS member Brazil is all set to test the second phase of its Central Bank Digital Currency (CBDC) this week. The Central Bank of Brazil confirmed that several Features will be incorporated into the CBDC including government bonds. The proposed CBDC will boast of various functionalities boxed into one mechanism making it easier to function. Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar Brazil has confirmed that the second phase of CBDC testing will include 13 new functionalities into the system. BRICS country Brazil will include functionalities in the CBDC digital currency such as: Assigning credits with collateralization Establishing liquidity pools for trading government bonds Financing international trade operations Automatizing of car transactions Real estate platform integration, among others. Also Read: BRICS: China Exporters Stockpile $500 Billion, Chinese Yuan Could Rise BRICS: Brazil’s CBDC Digital Currency Second Phase Testing To Begin So...

A Tennessee Senator has introduced a new bill that seeks to decouple CBDCs from the state’s definition of money. Tennessee’s Senate introduced a new bill authored by Senator Frank Niceley that proposes to redefine the term “ money ” within the state ’s Uniform Commercial Code (UCC). The idea is to explicitly exclude central bank digital currencies (CBDCs) from the state’ s definition of money . JUST IN: A bill was filed in the Tennessee Senate to expressly exclude CBDC from the definition of money in the state. pic.twitter.com/2VzdQjFDuz — Bitcoin Magazine (@BitcoinMagazine) January 16, 2024 This move aligns with similar legislative actions in Indiana and Florida, indicating a growing trend among states to scrutinize the role of government-issued digital currencies in their economies. Governor of Florida, Ron DeSantis, has expressed reservations about CBDCs, focusing on concerns about individual privacy and governmental overreach. You ...

The Bank of International Settlements (BIS) has concluded its CBDC pilot and said that decentralized finance (DeFi) elements could bring about a “new generation” of financial market infrastructure. The CBDC pilot called Project Mariana concluded Thursday, according to a new report. Indeed, the project had seen the BIS test cross-border trading of CBDCs across varying financial institutions. Moreover, the project utilized innovative technology that had been obtained from the DeFi sector. Subsequently, it has led to the organization’s perspective on its future importance. Source: Wall Street Journal Also Read: BIS Calls for Robust Legal Framework to Enable CBDC Adoption BIS CBDC Pilot Ends As They Note DeFi Potential The development of a Central Bank Digital Currency ( CBDC ) has long been held within the digital asset industry. These projects are seeking to use both digital assets with fiat currency. Specifically, they look to use both through the utilizat...