Brazil’s Central Bank Governor Roberto Campos Neto said the digital real project, the Central Bank of Brazil’s Digital Currency (CBDC), could launch in 2024. Integrated with traditional financial structures and decentralized finance (defi) institutions.
Digital real could be ready in 2024, says Roberto Campos Neto
Brazil is one of the countries that has made significant progress in the field of Central Bank Digital Currencies (CBDC) in the last year. There is currently no official release date for the digital real, but Brazil’s central bank governor Roberto Campos his neto has hinted that the digital real may be issued in 2024. Speaking at the Dec. 13 event, Campos Neto said:
In 2024, I would like to release it. We still have a lot of work to do to reach this schedule, but this is our vision and our goal.
Campos Neto believes this is possible if digital real test trials start in 2023 and end in the same year. However, we also recognize that the roadmap has many challenges that may delay the completion of the project.
Digital Real integrates Defi in Brazil
Campos Neto also mentioned the integration of digital reals with other traditional and decentralized financial-based structures. One of the tasks banks are focusing on is the implementation of models involving digital realities using open finance. It is a model that facilitates the sharing of data, products and services between regulated entities.
This means that Brazilians will only need a super app to manage all their financial instruments, including digital reals, tokenized bank deposits, and cryptocurrency holdings. This is not the first time I’ve mentioned . Camposneto, he also mentioned in November, a super app that brings together all the functions of traditional and conventional financial products into a common hub.
Finally, Campos Neto says the programmable nature of digital reals will allow integration of payment systems like Pix with new structures bridging the Web3 ecosystem. On this he declared:
It is very important that it is programmable so that new features can be added, and PIX theoretically allows smart contracts to be placed on top of it.
What do you think of the potential launch of Digital Real in Brazil? Let us know in the comments section below.
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