The Central Bank of Brazil has announced that it officially started piloting a central bank digital currency (CBDC), or the digital real.
The test phase includes the purchase and sale of federal public bonds among individuals and a final evaluation of the process.
The bank expects to open its CBDC to public use at the end of 2024.
- Fabio Araujo, the coordinator of the CBDC project at the bank, said digital currencies reduce costs and increase financial inclusion for people.
- Araujo also stated that banks are very interested in the tokenized world and have shown a lot of interest in the issue in every conversation with Brazil’s central bank.
- The project coordinator added that the digital real is built as a payment option on distributed ledger technology (DLT).
