Brazil has joined those countries that are considering creating their own digital currency (CBDC). Brazil’s Minister of Economic Affairs, Paulo Guédez, told journalists about this.
According to the official, his country needs a technological breakthrough. Many countries are now seeking to introduce digital technologies Bitcoin Formula review in a wide range of industries. Fintech is one of the most promising areas, and Brazil should not lag behind other countries.
The Minister stressed:
Brazil will have its own digital currency. Brazil is ahead of many countries.
Gueades did not reveal any more details. Recently the head of the country’s Central Bank, Roberto Campos Neto, stated that the financial sector needs to modernize its payment infrastructure.
The digital version of the Brazilian real may go into circulation as early as 2022. Moreover, the regulator assumes that such an instrument will be used both in the domestic market and in international transactions.
At the moment, the People’s Bank of China has made the most progress in establishing the CBDC. Recently the head of the Central Bank of China, Yi Gang, spoke about the successful testing of the digital yuan.