Aave Moves Ahead In Brazil’s Central Bank Innovation Challenge

Aave moves ahead in Brazil’s central bank innovation challenge as one of the nine projects that are selected to go ahead so let’s read more in today’s latest blockchain news.

The central bank of Brazil revealed that it picked a total of nine projects to go forward in its challenge to develop a central bank digital currency and one of the projects is Aave. The central bank of Brazil revealed the LIFT challenge where the current theme is “Real Digital.” the main goal of the challenge is to evaluate all use cases of CBDCs issued by a central bank and how technologically feasible they are. There are a few other characteristics that participants have to keep in mind when they submit a proposal and some of them include scalability aimed at retail application, the privacy of the information, compliance with existing regulations, programmability, and interoperability.

Aave moves ahead in Brazil’s central bank innovation challenge and in the recent announcement, Banco Central De Brasil revealed that they selected 9 other projects for monitoring that represent about 20% of the total proposals submitted by 43 different companies. One of the projects that made the next level is Aave. The protocol description is that it gathered resources from a few savers using defi tools. Other companies that got accepted for the next step include Santandar Bank of Brazil, Giesecke, Febreban, VERT, Visa do Brasil, and more.

Brazil is putting a lot of effort into the crypto industry. Senator Flavio Arns introduced a bill that will regulate virtual assets and service providers like brokers and crypto exchanges. It will stop the local SEC from meddling in crypto legislative activities like ICOs. The bill was passed in February and moved to the chamber of Deputies.

As recently reported, Aave launched a decentralized social media platform on Polygon and the developers created Lens Protocol which is a Web3 smart contract-based social graph. The decentralized finance platform Aave, announced the launch of Lens Protocol which is a new decentralized social media platform that is built on the Polygon blockchain. Named after lens culinaris, the plat which has a relationship with soil bacteria, the open-source Web3 smart contracts-based social graph is based on an ecosystem for non-fungible tokens.