Brazil's central bank announces CDBC rollout in two years

Friday 4 September 2020 09:24 CET | News

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.

Banco Central has already started laying the groundwork for a CBDC. In August 2020, the bank announced it had formed a dedicated group to assess how a digital currency could fit with the national payments ecosystem and what its impact could be on the Brazilian economy. Furthermore, the group might be ready to present their findings on the matter within 6-12 months.
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Keywords: Banco Central, Brazil, Open Banking, PIX, central bank digital currency, CBDC, P2P payments, B2B payments
Categories: DeFi & Crypto & Web3
Countries: Brazil
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