Brazil Central Bank Planning CBDC Launch in 2024

Joshua Ramos
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The president of the Brazil Central Bank, Roberto Campos Neto, has revealed the institution’s plan for a CBDC launch in 2024. The president relayed the news today in a press conference to the Brazilian site, Poder360.

Neto revealed some details, such as the bank’s plan to conduct a pilot program. Moreover, he revealed that the program will reportedly be done alongside various financial institutions prior to varied implantation of the CBDC.

Brazil Bank Planning for CBDC

Campos Neto shared the news at a press conference, discussing the positives of the implementation of a digital currency issued by the Brazil central bank. Notably, the benefit of how digital assets could drive participation.

“I think that this digitized, paid-in, integrated system, with inclusion, will help a lot in the development and inclusion of people in the financial world,” Netos remarked. Furthermore, the development is occurring after Brazil’s announcement of its development of digital currency back in March.

Brazil DeFi ETF
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Brazil will join the likes of the Bahamas, Nigeria, Jamaica, and the Eastern Caribbean as nations with individual CBDCs. There are a plethora of countries still researching a similar plan, conducive to a safer, less volatile market.

“Greater inclusion, lower cost, intermediation, competition with reduced barriers to entry, efficiency in risk control, monetization of data, complete tokenization of financial assets and contracts,” Netos added. “This is what we see in this digital economy in Brazil.”