Brazil’s Central Bank President, Roberto Campos Neto, believes the Bank may be ready for central bank digital currency (CBDC) as early as 2022, as reported by the Correio Braziliense on 2 September 2020. This follows the Central Bank’s announcement in August about starting a world-wide study on CBDC issuance.
Neto outlined that Brazil will have the technological foundations necessary to issue the CBDC ready in two years. However, he recognizes the features that must be in place first. “To have a digital currency, you need an instant payment system that is efficient and interoperable; an open system, where you can create competition; and a currency that has credibility, is convertible and international,” said the president of the Bank.
The president also pointed to the 2019 Bill presented by the Central Bank, which aims to modernize Brazil’s exchange rate system and be tabled for voting in two weeks’ time. When the Bill is passed, it should help to achieve the “convertible” aim outlined by Neto.
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