Brazil’s Central Bank President Sets Sights on CBDC for 2022

In addition to the launch of the CBDC in 2022, it was revealed that the central bank is also working on a bill to regulate cryptocurrencies as an investment vehicle.

Brazil Pushes its CBDC Initiative Further

Roberto Campos Neto, the president of the Brazilian Central Bank, mentioned on Nov. 20 that the bank aims to launch a pilot of their central bank digital currency (CBDC) by 2022, as reported by a Brazilian media outlet, Estadao.

As previously reported by BSC.News, the Director of the Central Bank of Brazil (CBB), João Manoel Pinho de Mello, revealed the country’s intent to innovate with CBDCs. Estadao further also revealed that Campos Neto added that the central bank is looking to regulate cryptocurrencies first as a trading vehicle before dealing with the CBDC development.

“It is essential to examine the advantages and possible disadvantages of creating digital currency. Among the benefits, the Digital Real would be a virtually free exchange currency, which would help increase the efficiency of the payment system and facilitate faster and safer settlement of international financial transactions. Micro and small businesses could also benefit from lower transaction costs. On the other hand, being traceable, digital currency would also help in the fight against money laundering crimes, corruption, tax evasion, drug trafficking, and terrorism,” mentioned the president of the CCT and Senator Rodrigo Cunha in the public hearing in September this year.

Source: Brazil

“The main objective would be to accompany the dynamism of the technological evolution of the Brazilian economy in order to contribute to the emergence of business. It will also allow us to increase the already great efficiency of our payment system and favor Brazil’s participation in the regional and global economic scenario. With that, the Central Bank would have a tool to fulfill its missions of monetary and financial stability in an economy that is increasingly digital,” stated Fábio Araújo, an economic advisor to the Central Bank.

As previously reported by BSC.News, the President of the Brazilian Central Bank met with the representatives of the Binance Exchange back in August this year to discuss more on CBDCs and understand more on the same.

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