Brazilian central bank researches the creation of Digital Real - Bitcoin News
Brazilian central bank researches the creation of Digital Real - Bitcoin News
Fabio Araujo, a representative of the Brazilian Central Bank, spoke about the possible development of a digital real at a public hearing in front of the Committee on Science, Technology, Innovation, Communication and Information Technology of the Brazilian Senate. Araujo made it clear that the digital real is still in the debate and that they determine the demand for such an instrument.
Brazilian central bank is still debated via Digital Real
The central bank of Brazil is still study A digital real, according to Fabio Araujo, a representative of the institution. Araujo recently explained at a public hearing from the Senate Committee for Science, Technology, Innovation, Communication and Information Technology that the bank still debates about the needs of society for a digital central bank currency ( cbdc ). Araujo explained:
Our goal is to clarify what requirements the society places in real digital. After that, the test phase with Proof of Concept and possibly an innovation laboratory that should take place by 2022.
Araujo also announced that the central bank of Brazil still has meetings with various parties that could help design the digital real project. Senator Cunha, the Senator, who had proposed the meeting, said that the use of digital currencies was a necessary discussion due to the lack of information on this topic. He emphasized:
We have to discuss this topic. Digitization is a reality in various areas in the life of the population, but there is still no clear information about how this is done in relation to the circulation of money in Brazil.
Digital currencies of the central bank vs. cryptocurrency
This openness to the digital real, a digital central bank currency, does not lead to a de facto approval of cryptocurrencies such as Bitcoin and Ethereum. In fact, the attitude of the Brazilian central bank is negative. Araujo made it clear:
CBDCs should not be confused with cryptoactive. The Brazilian Central Bank believes that Kryptoaktiva is speculative assets and reserve a high risk of the portfolios of individuals.
While the Brazilian central bank is still in the research phase of a hypothetical digital real, General guidelines that such a currency must follow in May that show that there is a real interest in the topic. Brazil is at the top of the investigations by the central banks in relation to digital currencies in Latam, a region in which the central banks do not yet seem to be too interested in the topic.
What do you think of Brazil's research into a digital real? Tell us in the comment area below.
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