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.

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