First version of Real Digital will come out in 2022, guarantees president of the Central Bank of Brazil

The president of the Central Bank of Brazil, Roberto Campos Neto, confirmed that the regulator will, starting next year, launch the first version of the Real Digital, the digital currency of Brazil.

As Campos Neto stated during a lecture at the Meeting News, organized by the Parlatório Group, this first version will be a proof of concept for the BC to assess several aspects related to the CBDC model proposed by the institution. In addition, BC intends to test different platforms for the CBDC, including the use of blockchain.

However, the BC president stated that a final version of Real Digital should only be released to Brazilians in 2024, when PIX and Open Banking are more mature and, in this way, enabling the national CBDC system.

Also during Campos Neto, he again stated that the BC is studying ways of regulating cryptocurrencies, however, focusing on investment vehicle rather than currency.

“It is already starting to affect even the national accounts, which means that it has become a relevant investment instrument and is affecting Brazil’s balance of payments, since the numbers of cryptoactive imports are included in the trade balance,” he said.

Real Digital and Defi

The proposal of the Central Bank of Brazil with the Real Digital is different from most CBDCs that have been announced around the world, with China as one of the most prominent cases.

So while most nations aim to develop a digital currency for retail (payments and transfers between people and institutions), the BC wants the Real Digital to be focused on financial applications oriented by programmable money, that is, smart contracts, decentralized finance , Dapps, among others.

The revelation was made in July by Fábio Araujo, coordinator of the Real Digital project within the BC, who stated that the national CBDC does not focus on financial inclusion, which is already provided by other digital tools such as those developed by fintechs, digital banks and even by Pix.

However, the Central Bank aims with Real Digital precisely to allow the construction or interconnection of the national financial system with decentralized finance (DeFi) and with smart contracts, which are, in its opinion, the great contributions of the Bitcoin ecosystem (BTC) and cryptocurrencies.

“We see this Defi market that is emerging that brings a new way of presenting financial services that can be much more suitable for the population. You have an ease of handling contracts in this environment that you don’t have in the traditional banking environment”, he said.

In this line, Araujo revealed that BC intends to bring this cryptoactive innovation environment into the Central Bank and, with it, promote new use cases to improve the financial services provided to the population.

“These fundamental points of the crypto environment we intend to bring within our regulatory perimeter to do something massed to give access to more people. We intend to do something more standardized so that people can use it on a daily basis. What we want to bring is the technologies of smart contracts and DEFI in so that we can reach the broader public”, he said at the time.

READ MORE

Direct your links to OKEx in articles, blogs and videos, or place an advertisement on your website. The best affiliate program is on OKEx with 60% commissions, the highest on the market.

Get your link now at OKEx!

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

Check Also

How does it feel to ‘drive’ Embraer’s new ‘flying car’ – Economy

Four 75-inch (1.90 meter) screens installed vertically, coupled together like a screen, show the test …