Brazil announces it works on its own CBDC
The news of the digital version of the Brazilian real was confirmed by the Minister of Finance of the South American country, Paulo Guedes
The Brazilian Minister of Economy, Paulo Guedes, announced this Thursday that the Central Bank authorities are working on their own CBDC, or digital currency of the central bank.
Although details of the digital version of the Brazilian real, the local currency, have not been advanced, Guedes announced during a public ceremony: “Now that the Central Bank is autonomous again. It is also surprising in the digital dimension: Pix (instant digital payment system of the CB), OpenBank, fintechs and digital currency. Brazil will have its own digital currency. Brazil is ahead of many countries.”
At the beginning of August this year, the CB of Brazil had already indicated that they were studying the possible launch of a digital real. In this sense, Roberto Campos Neto, president of the organization, affirms that the country requires an improvement in its national currency.
The statement coincides with the challenges currently posed by digital banking, such as the modernization of current systems. “In our case, Pix is very important because from now on we see the union of an instant, open and interoperable form of payment with an open data system. They will find somewhere in the future with a coin that has not yet been perfected,” Campos Neto stressed.
Regarding the launch date of Brazil’s CBDC, the president of the Central Bank said that it would possibly enter into circulation in 2022. It will be used for national and international transactions.
M.Pino
Source: cointelegraph
