Brazil's Central Bank to Launch Own Digital Currency in 2 Years
Main page News, Central Banks, Brazil, Cryptocurrency
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Sept. 4, 2020

Banco Central, Brazil's central bank, could have its own central bank digital currency within 2 years.

According to local news outlet Correio Braziliense, the South American giant could launch its own currency in 2022. The president of the central bank, Roberto Campos Neto, has said the institution has been taking measures to modernize the country's financial system for some time, so the launch of a CBDC is the next natural step resulting from this evolution.

Among the measures adopted so far are the PIX, Brazil's instant payment system, which allows to make p2p transactions between users and companies in 10 seconds or less via smartphones.

Another measure is the open banking system, which allows the exchange of user information between banks.

The president of the central bank has clarified the crypto that the institution plans to launch has nothing to do with traditional cryptos such as Bitcoin.

The launch of a CBDC by the Brazilian central bank should not surprise anyone, since in August the institution reported it had created a task force dedicated to evaluating how a digital currency could fit into the national payments ecosystem and what its impact could be on the Brazilian economy.

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