Brazil Will Launch its own Digital Currency, says Economy Minister

It is the first time that a government official of Brazil has announced the launch of central bank digital currency. According to Brazil’s economy minister, they are “ahead of many countries” in building a CBDC.

“Brazil is Ahead of Many Countries”

Paulo Guedes, the economy minister of Brazil, points towards launching the digital currency, digital real. While speaking at Caixa Economica Federal, Guedes said,” Brazil will have its own digital currency. Brazil is ahead of many countries.”

It is the first incident that any member of the government is speaking about the launch of central bank digital currency. However, he did not reveal much information about digital currency.

In August, the central bank, Banco Central do Brasil, announced to start a research process over the issuance of the state digital currency, digital real. However, Roberto Campos Neto, the president of the central bank, cleared that it would work under Pix. Pix is basically the payment system launched at the federal level. According to the central bank president, Pix will “meet somewhere in the future with a currency that has yet to be perfected.” And he made clear in the past that the digital version of real will be issued “as early as 2022.”

Digitization of Economy

The minister has revealed a bit of information about digital currency when the government is actively working over “digitization of the Brazilian economy” as the instant digital payment system of the central bank is successfully launched.

According to the information provided on the part of the central bank, the digital real would be used in transactions across the borders. Director of financial system organization stated,” The option to perform a Pix from abroad is on Pix’s evolutionary agenda, but not for the next yea.”

Another official linked with the central bank unveiled that the digital currency will be linked with the “exchange processes.”

According to a report, almost up to 70% of the central banks are working over the creation of central bank digital currencies in one way or the other.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

All You Need To Know About New Innovations In The Crypto Space

BTC is always going to stay at the top like a boss, but the developments which are happening in DAOs, layer-2 solutions, NFTs with the emerging metaverse, and utility are much more groundbreaking and innovative right now. Bitcoin Is Great There is something definitely brewing, and those who have capable noses can easily smell it. […]

Binance Appoints Ex-detective as Director of Audit and Investigations

Binance continues to grow in this new era of crypto adoption, and to make sure that the exchange is well equipped with modern regulations and regulatory insight, Binance has acquired a new director for audit and investigation. Aron Akbiyikian is a well-renowned digital media analyst and forensic expert, and he has taken charge as the […]

Financial Giant SBI Holdings has Launched Crypto Fund

It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But […]

Poolz Introduces $2 Million Fund for NFTs and Gaming Projects

Fundraiser and token launcher, Poolz, has said that they are bringing up a $2Million fund that will be used in the research and development of new and unique NFT and gaming projects. Poolz is establishing a fund that will contribute to the research and development of new NFTs and gaming projects in hopes of giving […]

Russian Sberbank Will Roll Out Its Digital Asset Tool This Month

Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a […]