Real digital: „Brazil will have the digital currency,“ says Paulo Guedez

In August the Central Bank created a study group for the creation of digital money. Currency can be launched in 2022.

Brazil will have the digital currency, Economy Minister Paulo Guedes said on Wednesday in a ceremony at the Palácio do Planalto. Guedes did not give details of when the currency would be launched, but said that Brazil was ahead of many countries.

„With the autonomous Central Bank again, so this is something extraordinary, also in the digital dimension. PIX, open banking, fintechs and digital currency. Brazil will have the digital currency, we are ahead of many countries. While we speak ill of Brazil, the truth is that we give an efficient, fulminating and technological response to this challenge ahead“.

The president of the Central Bank, Roberto Campos Neto, has already spoken about Brazil’s future digital currency, even saying that it could be launched by 2022 and classifying the asset as „the future of the financial system“.

Announcement

„We think we will have that in 2022“, said the president of the Central Bank.

In August the Central Bank created a study group for the creation of digital currency and noted that several countries are evaluating the issue of CDBCs (Digital Currency Issued by the Central Bank.

Campos Neto said in September that Brazil was modernising and digitising its financial system, following in the footsteps of other countries. One of the tools that will help in this modernisation, he said, is PIX, the Central Bank’s instant payment system.

The „digital real“ should accompany the development of PIX, that is, Brazil’s digital currency should complement the digital payment system created by the Central Bank.

Thus, paper money is likely to be numbered, at least for a large part of the population.