The Central Bank of Brazil allowed the possibility of launching a national digital currency by 2022
Brazil’s Central Bank President Roberto Campos Neto announced Wednesday that the country could have its own digital currency by 2022.
By this time, Neta says, Brazil will have developed an interoperable payment system and will have a “trustworthy and convertible” international currency – “all the elements to create a digital currency.”.
He noted that digital currencies of central banks are a consequence of the rapid digitalization of the financial system, including in Brazil..
Neto mentioned the instant payment system PIX, which is due to launch in November, and the Open Banking initiative, also planned for this year. With the PIX, peer-to-peer transactions are expected to run in 10 seconds or less, while the second initiative will help banks exchange customer data, making it easier for banks to open new accounts.
“The digital currency of the central bank differs from cryptocurrencies that are not trusted at the government level, such as bitcoin, as it is only a new representation of a currency that is already issued by the national monetary institution,” added Neto..
In August, the Central Bank of Brazil announced the creation of a working group to study the digital currency and its place in the national payment system. Neto expects the results of her research to be presented within 6-12 months.
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