The president of Brazil’s central bank has announced Brazilians could expect to see a central bank digital currency (CDBC) before 2023.
As a result, Brazil could be ready for a central bank digital currency (CBDC) in 2022, CoinTelegraph cited news outlet Correio Braziliense. The president of Banco Central stated that the country’s central bank had already undertaken measures to modernise the Brazilian financial system.
These include the country’s PIX instant payment system and open banking. The central bank plans to enable peer-to-peer and business-to-business transactions in 10 seconds or less using a mobile phone, internet banking or ATMs beginning in November 2020. An open banking system allows for the exchange of user information between banks.
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