Brazil The central bank says that its central bank digital currency (cbdc) – the digital real – is now being designed to help home businesses grow. The bank is also looking to tighten regulations surrounding cryptoassets.
Newspaper o globo The report adds that the bank’s governor, Roberto Campos Neto, has confirmed that Digital Real is set to launch the first phase of its pilot in March.
And Campos Neto claimed that the Brazilian digital currency model was being created with the aim of “fostering new business” in the financial services sector. He claimed that this model was “the opposite” of those used in “other countries”.
Campos Neto was quoted as saying:
“Our idea is to have something up and running by 2024 at the latest.”
Brazilian Central Bank’s CBDC and Crypto Regulation Plans
On the crypto front, the governor said the central bank was “working hard” with regulator the Securities and Exchange Commission (CVM) on policing cryptoassets.
They said:
“It is important for us to have 100% alliance with CVM [on the matter of crypto regulation],
Campos Neto further claimed that, “about a year ago,” he attended a meeting on cryptoassets with US Treasury Secretary Janet Yellen.
The governor claimed that he told Yellen that he had noticed some “problems” with the crypto sector.
One of these concerned custody – which he claimed was “highly concentrated”.
Campos Neto claimed that the patrons should not be put at risk. And he claimed that if banks were allowed to “become cryptocurrency custodians”, it would be possible ftx “problem” Maybe it could have been avoided.
And the governor claimed the central bank is currently working with partners in Colombia, Uruguay, Chile and Ecuador on an “instant payment” solution.
Nations seek to find more efficient ways to enable trading partners in the LATAM region to process “recurring payments”.
Brazilian and Argentine officials have discussed creating a common currency. Crypto advocates suggest postponing the plan in favor of adopting Bitcoin (BTC),
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