by Sergio Goschenko
Roberto Campos Neto, president of the Central Bank of Brazil, has stated that the digital real project, the Brazilian central bank digital currency (CBDC) could be launched in 2024. Campos Neto also remarked on the benefits the digital currency system might bring as it is integrated with traditional finance structures and decentralized finance (defi) institutions.
Brazil is one of the countries that has made significant advancements in the field of central bank digital currency (CBDC) in the last year. While there is currently no official date for the issuance of the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, has hinted at a possible launch of the currency in 2024. At a Dec. 13 event, Campos Neto stated:
In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal.
Campos Neto considers this to be possible if the test-trial run for the digital real starts in 2023, concluding that same year. However, he also recognizes that there are many challenges on the roadmap that could delay the completion of the project.
Campos Neto also made reference to the integration of the digital real with other traditional and decentralized finance-based structures. One of the tasks that the bank is focusing on is the implementation of a model that includes the digital real with Open Finance, a model that fosters the sharing of data, products, and services between regulated entities.
This would mean that Brazilians would only need a super app to manage all of their financial instruments, including digital real, tokenized banking deposits, and also cryptocurrency holdings. This is not the first time that Campos Neto has made reference to this concept. Back in November, Campos Neto also referred to a super app that would encompass all of the functionalities of traditional and legacy finance instruments in a common hub.
Finally, Campos Neto states that the programmable character of the digital real will allow its integration with new structures that could bridge payment systems like Pix with Web3 ecosystems. On this, he declared:
It is very important for it to be programmable so that you can add new functionalities, in PIX, in theory, you can put a smart contract on top of it.
What do you think about the possible launch date of the digital real in Brazil? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments’ CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is ‘a Matter of When and Not … read more.
Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade
According to a recent update on Monero’s Github repository, the privacy-centric crypto network plans to hard fork in July, at block height 2,668,888. Monero is the largest privacy crypto asset in terms of market capitalization and during the last seven … read more.