The President noted the following details about the planning for the upcoming pilot projects and central bank’s stand on CBDCs and cryptocurrencies in general:
– Neto did not specify the test, but stated that the CBDC pilot project would begin in the second half of the year
– Neto talked about the way CBDC would be used in the country. He explained that it will be linked to the reserve transference system, a kind of fiat-based payments system.
– The pilot program would help Brazil march forward in the league of the countries that have CBDC programs in South America.
– The president described the status quo of the cryptocurrency market in Brazil, where cryptocurrencies are viewed more as investment assets than as a payment method. The present scenario would change however, in tune with the growing adoption of cryptocurrencies both globally and locally.
The central bank of Brazil began its digital real project in November 2021 when it released a note enlisting the general guidelines for the design of a hypothetical central bank digital currency for the country. The bank had then cited the CBDC to adhere to all privacy and security regulations laid by the Bank Secrecy Law and General Law for the Protection of Personal Data.
In March this year, the Central Bank of Brazil and Fenasbac, the National Federation of Associations of Central Bank Servers, even selected 9 projects to monitor and support their different proposals for the application of a hypothetical Brazilian central bank digital currency CBDC.
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Central Bank of Brazil confirms running a pilot test for its CBDC in the second half of 2022 & More Brazil Latest News Update
Central Bank of Brazil confirms running a pilot test for its CBDC in the second half of 2022 & More Brazil Live News
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