The Central Bank of Brazil has revealed that it will conduct a pilot test for the CBDC this year

The Central Bank of Brazil has revealed that it will conduct a pilot test for the CBDC this year
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The Central Bank of Brazil has revealed that it will conduct a pilot test for the CBDC this year

The Central Bank of Brazil has declared that it will conduct a pilot test to establish its planned central bank digital currency (CBDC), the digital real.

04/17/2022

The Central Bank of Brazil has declared that it will conduct a pilot test to establish its planned central bank digital currency (CBDC), the digital real.

The bank’s president, Roberto Campos Neto, also claimed that this new test will involve a fixed supply of the described token and that this pilot will be carried out throughout the last six months of this year.

CBDC Project of Brazil

The Central Bank of Brazil has provided information on the progress it has achieved with its CBDC project, the digital real. Its president, Roberto Campos Neto, hinted at an undisclosed test involving the use of the currency during the year’s last six months.

Campos Neto also hinted at how this currency will be utilized, stating that it will be linked to the reserve transference system, a type of fiat-based payment mechanism. With this pilot program, Brazil might join the ranks of South American countries with CBDC programs.

Campos Neto also shared his thoughts on the state of the Brazilian crypto sector. He stated that cryptocurrencies are seen as financial assets rather than payment methods. This may alter as more adoption occurs both internationally and locally.

Path to a CBDC and Regulatory Panorama

The Central Bank of Brazil has been advancing with its digital real project since last year when it redacted the guidelines that a Brazilian CBDC would have to follow, and announced it was still studying and debating the possibility of the issuance of such a currency, Bitcoin News.

However, in March, the institution chose nine institutions from 47 applications to create projects that will showcase the opportunities that a hypothetical digital real might bring in various areas.

Brazil has also made strides in enacting legislation to adopt a uniform cryptocurrency legal framework. In this regard, deputies and senators have stated that they intend to consolidate numerous proposals into one to be presented to the Brazilian Congress. The rapporteurs for these initiatives anticipate that this new hybrid proposal will be approved in the coming months.

By Elah Mae Ariate Wozinga Staff

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