Nations around the globe are scrambling to explore how blockchain technology can be employed to help their economies. The growing adoption of cryptocurrencies has prompted several central banks to look into the fiat alternatives offered by crypto. Brazilian CBDC set for launch in 2024 Roberto Campos Neto, the President of Banco Central do Brasil, announced […]
Nations around the globe are scrambling to explore how blockchain technology can be employed to help their economies. The growing adoption of cryptocurrencies has prompted several central banks to look into the fiat alternatives offered by crypto.Roberto Campos Neto, the President of Banco Central do Brasil, announced recently that the central bank is planning to introduce a central bank digital currency by 2024.
The head of the Brazilian central bank is confident that the introduction of digital assets and CBDCs will lead to greater inclusion, lower costs, and effective risk management, among other things.Earlier this year in March, the South American nation had taken significant steps to commence the development of its CBDC. According to aby Brazilian media outlet Poder360, the Central Bank of Brazil had selected nine partners to develop the Brazilian CBDC dubbed the “Digital Real.
These include Latin America’s largest crypto exchange Mercado Bitcoin, popular DeFi protocol Aave, and Banco Santander Brasil. These selections were made from the 47 proposals that the Brazilian central bank received for Digital Real’s development.a law that would legalize the use of cryptocurrencies as a method of payment in the country. This move provided much-needed regulatory clarity for the Brazilian firms operating in the crypto space.Subscribe to get it daily in your inbox.
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