A central bank digital currency in Brazil may be inevitable.
The president of Banco Central — Brazil’s central bank — has announced Brazilians could expect to see a central bank digital currency before 2023.
According to a Sept.2 report from news outlet Correio Braziliense, Brazil could be ready for a central bank digital currency (CBDC) in 2022.Roberto Campos Neto, the president of Banco Central, stated that the country’s central bank had already undertaken measures to modernize the Brazilian financial system which has made a CBDC the natural outcome.
The president cited the country’s PIX instant payment system and open banking among those measures.The central bank plans to enable peer-to-peer and business-to-business transactions in 10 seconds or less using a mobile phone, internet banking or ATMs beginning in November.An open banking system allows for the exchange of user information between banks — enabling customers to switch more easily.
Campos Neto said:
“A CBDC distinguishes itself from cryptocurrencies without national trust, like Bitcoin, because it is just a new form of representation of the currency already issued by the national monetary authority.”
Banco Central has already started laying the groundwork for a CBDC.
In August, the bank announced it had formed a dedicated group to assess how a digital currency could fit with the national payments ecosystem and what its impact could be on the Brazilian economy.Campus Neto said he expected the group would be ready to present their findings on the matter within 6-12 months.Share this: India: Sources Claim Central Bank ‘Researching’ Blockchain to Decide ‘What It Can Adopt’ Noises in the Indian media Monday, August 27 suggest the country’s central bank is keen to improve its understanding of cryptocurrency and blockchain, allegedly setting up a dedicated unit a month ago.As Economic Times reports, citing “people familiar with the central bank’s plans,” the unit focuses on “research” of the phenomena, “to check what… Major Crypto Exchange Bitfinex to Briefly Go Offline for Upgrade Next Week Cryptocurrency exchange Bitfinex announced that it will be offline for up to seven hours next week in a Medium post published on June 20.Per the announcement, the exchange will go offline for up to seven hours to carry out system upgrades on June 26.The post further specifies that Bitfinex’s hybrid counterpart Ethfinex will also… Crypto Exchange Coinbase Pro Is Adding Support for Orchid Trading Major American cryptocurrency exchange Coinbase is adding support for Orchid (OXT) on its professional trading platform Coinbase Pro.According to a blog post published by Coinbase on Dec.
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