Brazil Plans To Launch Its CBDC In 2024

By 2024, the Central Bank of Brazil intends to launch a central bank digital currency (CBDC).

President Roberto Campos Neto stated on Tuesday at a conference held by the Brazilian news site Poder360 that the bank will launch a trial program with select financial institutions before expanding the usage of the CBDC, a central bank-issued digital currency. Campos Neto stated:

“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. This is what we see in this digital economy in Brazil.”

Earlier, as Coincu reported, Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, announced a partnership with the Stellar Development Foundation (SDF) to participate in Brazilian CBDC development.

“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,” added the bank president.

The Bahamas, Nigeria, the Eastern Caribbean, and Jamaica are among the countries that have already issued their own CBDCs. Brazil is aiming to be able to tokenize its own currency.

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Harold

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