The creation of a central bank digital currency (CBDC) is on the agenda for the Banco Central do Brasil for the year 2024. The President of the Bank, Roberto Campos Neto, participated in a conference that was organized on Tuesday by the Brazilian news site Poder360.
Before implementing CBDC in a more widespread manner, Campos Neto said that the bank would first carry out a pilot program in collaboration with a select number of financial institutions.
Brazil is going to become one of the countries that have previously issued CBDCs, joining the likes of the Bahamas, Nigeria, the Eastern Caribbean, and Jamaica.
Campos Neto was quoted as saying, “I believe that this digitized, paid-in, integrated system, with inclusion, would assist a lot in the growth and inclusion of individuals in the financial sector.” [Camos Neto]
He continued by saying, “What we see in this digital economy in Brazil is more inclusion, cheaper costs, intermediation, competition with decreased barriers to entry, efficiency in risk management, monetization of data, and total tokenization of financial assets and contracts. “
Compiled by Coinbold