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Brazil’s Central Bank to Launch CBDC Pilot in 2022: Report
The final version of the central bank digital currency is expected to come in 2024.
Updated May 11, 2023, 7:03 p.m. Published Nov 22, 2021, 10:59 p.m.
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The Central Bank of Brazil (BCB) plans to start a pilot program of a digital currency next year, BCB President Roberto Campos Neto said on Friday, according to local media outlet Estadao.
- In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic adviser to the BCB, who added that the monetary authority would conduct initial tests in 2022.
- Brazil’s central bank has also been discussing a bill to regulate digital assets as an investment vehicle, Campos Neto also said on Friday, without disclosing further details.
- “[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument,” Campos Neto noted, adding that crypto purchases are affecting Brazil’s import figures.
- According to the BCB, Brazilians have acquired $4.27 billion in cryptocurrencies so far in 2021. In August, Campos Neto said that Brazilians held about $40 billion in cryptocurrencies.
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