What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Central Bank of Brazil Launches CBDC Pilot…..Target Full Launch by 2024
    News

    Central Bank of Brazil Launches CBDC Pilot…..Target Full Launch by 2024

    Anietie DavidBy Anietie DavidMarch 8, 2023Updated:March 8, 2023No Comments2 Mins Read
    Central Bank of Brazil Launches CBDC Pilot…..Target Full Launch by 2024
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Central Bank of Brazil has commenced testing of its central bank digital currency (CBDC) project, expected to foster an increased inclusion of individuals in the financial sector.

    According to Reuters on Monday (March 6, 2023), the coordinator of the CBDC project at the Central Bank of Brazil, Fabio Araujo, indicated that broad usage of the digital real is projected to start in 2024 after the completion of the trial. Individuals purchasing and selling government bonds, as well as subsequent evaluation, will be part of the testing phase.

    According to the article, the Brazilian CBDC would be a blockchain-based payment system that will facilitate retail transactions. This payment will be backed up by the customer’s bank deposits. Banks will not be disintermediated in this manner since they will exist within the CBDC grid. As a result, they will not lose their source of credit.

    A statement from Araujo said:

    “This environment reduces costs and brings the possibility of financial inclusion for people. You have services that are very expensive to carry out, such as repo operations, which today are only for banks, but which could be performed by anyone with a technology based on digital currencies.”

    The central bank executive added:

    “This could reduce the cost of credit, the cost of improving the return on investments. There is a great potential for new service providers, fintechs, democratizing access to the market and offering new services.”

    CBDC Intended for Different Purposes

    The Central Bank of Brazil also added that the proposed CBDC initiative is not intended to interface with digital payment rails, as Brazil’s existing payment system Pix already fulfills the purpose.

    Apart from Brazil, other countries are also conducting CBDC pilots. Japan’s apex bank is looking to begin experimenting with its CBDC project in April 2023. India’s retail digital rupee pilot, which began in Dec. 2022, has onboarded 50,000 users and 5,000 merchants. However, in the United States, Representative Tom Emmer recently introduced a bill to stop the issuance of a digital dollar.

    Blockchain Brazil CBDC Cryptocurrency
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleIndia Pushes Anti-money Laundering Regulation for Crypto Transactions
    Next Article New Crypto Mining Bill in Russia Mandates Earnings Reports
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.