Brazil is aiming to launch its own CBDC by 2023

Brazil’s fast-digitizing financial infrastructure could set the stage for CBDC in the next two years, said Campos Neto.

By 2023, Banco Central, the central bank of Brazil can get its own digital currency (CBDC), the local publication Correio Brazilliense reported. Head of the bank Roberto Campos Neto said that the regulator is beginning a major upgrade of the entire financial system of the state. The result of its modernization will be the launch of its own regulated token.

At the same time, Banco Central announced the launch of an instant payment and banking information exchange system PIX.

Campos Neto said:

“A CBDC distinguishes itself from cryptocurrencies without national trust, like Bitcoin, because it is just a new form of representation of the currency already issued by the national monetary authority.”

At present, the Central Bank of Brazil is already laying the foundation for token development.

In August, the regulator said that it has formed an expert group that analyzes the consequences of CBDC integration into the current financial system of the state. The experts will prepare a report on their work for the authorities within the next 6–12 months, Campos Neto added.

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