The digital finance revolution may be set to take over global economics in the coming months. Indeed, the BRICS bloc may be set to embrace it, as Brazil has seen a plethora of banks prepare for the country’s digital currency launch.
Bloomberg reports that some of the country’s biggest lenders are gearing up for the arrival of the digital asset. Specifically, the noted Itau, BTG, Santander, and more are strengthening their teams in preparation for the Central Bank’s eventual launch of a digitized version of its national currency.
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Brazil is Preparing to Follow the BRICS Trend and Launch a Digital Currency
The last few months have seen digital currency become a massive part of the BRICS economic alliance. The collective launched BRICS Pay, a blockchain-based payment system for international transactions. Subsequently, China noted the first oil deal settled in its digital yuan, a landmark development. Now, a BRICS alliance member is set to follow its lead.
Brazil has reportedly seen many of its banks prepare for the inevitable launch of its digital currency. Specifically, Bloomberg noted some of its biggest lenders are “getting behind” the eventual release from the country’s central bank. Moreover, the decision was likely spurred on by the success that China has seen and the arrival of the positively received BRICS Pay system.
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The report stated that these banks are “all ramping up headcount and adding resources in preparation for the nationwide rollout of the digital Brazilian real, called the Drex.” Moreover, it noted that a blockchain platform launching in partnership with the asset should increase the market. Subsequently, the Latin American country is set to flourish amid the release of the asset.
Since the success of the digital yuan, it felt as though similar developments within the BRICS bloc were only a matter of time. Now, the success of Brazil’s digital currency could be massively important. Specifically, it could indicate that the BRICS alliance would benefit from a focus on digital finance. Ultimately, the development could provide a fast track toward de-dollarizing these global economies.