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Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Important Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital physical. Roberto Campos Neto, president of the bank, also stated that this new test will include a stationary supply of the mentioned token, and detailed this pilot will be executed during the last six months of this year.

Primary Bank of Brazil Advances CBDC Project

The Central Bank of Brazil has offered details about the advancements it has made with respect to its CBDC project, the digital real. Its president, Roberto Campos Neto, hinted at an unspecified test involving the habit of the currency during the final six months of this year. At an event, he declared:

This is a way to create currency digitization without creating a discourage in bank balance sheets. This project should have some kind of pilot in the second half of the year.

Campos Neto also disclosed hints about the way in which this currency will be used, saying it will be linked to the reserve transference combination, a kind of fiat-based payments system. With this pilot program, Brazil could advance to the vanguard of homelands that have CBDC programs in South America.

Campos Neto also offered his take regarding the conditions of the cryptocurrency market in Brazil. He explained that cryptocurrencies are viewed more as investment assets than as a payment method. Anyhow, this could change as more adoption is achieved globally and locally.

Path to a CBDC and Regulatory Panorama

The Chief Bank of Brazil has been advancing with its digital real project since last year when it redacted the guidelines that a Brazilian CBDC at ones desire have to follow, and announced it was still studying and debating the possibility of the issuance of such a currency.

However, in March, the formation selected nine institutions out of 47 proposals that will be able to produce projects designed to present the possibilities that a hypothetical digital real might offer in different sectors.

Brazil has also been making advancements when it arrive d enter a occurs to legislating to approve a unified cryptocurrency legal framework. In this sense, deputies and senators have declared they inclination combine several proposals into one that will be presented to the Brazilian Congress. The rapporteurs of these initiatives think this new hybrid proposal to be approved in the next months.

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What do you think about the digital verifiable pilot program? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He recounts himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Sooner a be wearing a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a particular point of view about crypto success and how it helps the unbanked and underserved.

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