The president of Brazil’s Central Bank confirmed that a digital real pilot program will begin in 2022. Brazil could become the first South American nation to have a CBDC.
The Central Bank of Brazil (BCB) has confirmed that it plans to begin testing its central bank digital currency (CBDC) later this year. Roberto Campos Neto, the president of Brazil’s Central Bank, spoke about the plans during aevento reciente, presentado por TradersClub (TC) and Arko Advice .
The new digital currency will be linked to the reserve transfer system, a fiduciary payment system, Neto said. It will also be guaranteed by the country’s sovereign currency, the Brazilian real.
The president added that the BCB has been studying the process leading to a CBDC for a long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. time, but that the next stages of the project will exponentially increase the bank’s knowledge. Neto advanced in this line of ideas that the pilot program of the Brazilian digital currency will be launched during the second half of 2022.
This is a way to create currency currency is a medium of exchange that defines value. digitization without creating a break in the banks’ balance sheets. This project should have some kind of pilot in the second half of the year.
Brazil moves forward in CBDC and crypto-regulation
During the event, Neto also commented on the growing popularity of cryptocurrencies and stated that he believes that “ there is no central bank in the world today that is not in the process of studying a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency. “. This was reported by several news outlets, including El Economista Mexico yCrypto Briefing.
The official’s statements reiterate Brazil’s plans to move forward with the development of a digital real. The country’s monetary authority had initially announced plans to launch a CBDC pilot program by 2022 in November last year.
More recently, in March, it became known that the BCB had approved 9 proposals to work on the digital currency project. As reported by DiarioBitcoin the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance platform a place to buy, sell and store cryptocurrency (DeFi), Aave the Brazilian crypto exchange, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Marketplace and banks Santander Brazil e Itaú Unibanco are some of those who are collaborating in the development of the CBDC.
It is unclear whether the pilot program will involve integration of the new system among local banks or whether the public will have access to CBDC. What is certain is that, while testing may begin this year, a final CBDC product is not expected to be ready any time soon. Previous reports suggested that a digital real would be ready for widespread use by 2024 at the earliest.
Brazil has been moving forward on crypto regulation. In February of this year, the Economic Affairs Committee (CAE) of the Brazilian Senate approved for the first time a bill that seeks to regulate the country’s cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market. In the meantime, Rio de Janeiro has been pushing for several initiatives to become a crypto-friendly hub . Among the plans, the city is looking to accept cryptocurrencies for the payment of certain taxes, launch a collection of tokens Non-fungible (NFT) and even invest investing is when you put money in a financial scheme with the intent of making a gain. in Bitcoin .
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Article by Hannah Estefania Perez / DiarioBitcoin
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