Central Bank President Announces Brazillians Could Expect To See CBDC In 2 Years

Central bank president announces Brazillians could expect to see CBDC in 2 years. The president of Brazil’s central bank, Banco Central has announced that Brazilians could expect to see a central bank digital currency before 2023.

A Sept. 2 report from news outlet Correio Braziliense, explains that Brazil could be ready for a central bank digital currency (CBDC) in 2022. The president of Banco Central, Roberto Campos Neto, said that the central bank of the country had already taken steps to modernise the Brazilian financial system , making a CBDC the inevitable result.

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 starting in November.

An open banking system permits 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 begun setting the basis for a CBDC. The bank announced in August that it had created a dedicated committee to determine how a digital currency could fit into the national payment environment and what its effect on the Brazilian economy could be. Campus Neto said he thought the group to be ready within 6-12 months to present their findings on the matter.

[image: Mateus Campos Felipe]

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