Brazil’s Central Bank announced the launch of a digital real pilot

The president of the Central Bank of Brazil suggests that the pilot can be implemented as early as the second half of 2022

13.04.2022 - 10:10

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What’s new? The president of the Central Bank of Brazil (BCB) Roberto Campos Neto has suggested that a digital real pilot can be launched in the second half of 2022. The BCB will digitize the Brazilian currency “without creating a rupture in the banks’ balance sheets,” Neto stated during his speech at the event of Traders Club. It is not yet known whether the digital asset will be available to the general public.

The BCB president’s speech

Cryptocurrency situation in Brazil. In February 2022, the country’s Senate’s Economic Affairs Committee unanimously approved a bill on the regulation of cryptocurrencies. The document will then go to the Senate and afterward to the country’s president for approval. The bill will establish the basic principles for the provision of digital services and define criminal liability for cryptocurrency-related crimes.

In January 2022, the authorities of Rio de Janeiro announced their intention to invest in cryptocurrency. Mayor Eduardo Paes said that the city will invest 1% of its treasury in bitcoin. Brazil launched its first “green” bitcoin ETF in August 2021. The fund that issued it will neutralize the carbon emissions associated with the ETF through the purchase of carbon credits.

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