The Central Bank of Brazil has released a script of investigations into the digital Real, which will take place at public events in the coming months, with a presentation on the municipality’s YouTube channel.
According to the BCB, the event roadmap should present the concepts of tokenization of the national currency, until November 2023.
The central bank’s forecast indicates that the new Brazilian currency, using blockchain technology, will arrive at the end of 2024.
One of the themes involved in technology is the creation of tokens by banks, which should be the institutions that have direct access to CBDC format currency. The population must have indirect access to the currency through their bank accounts.
A series of studies on the digital Real should introduce the new national currency to the public
Given the ongoing actions for the development of the Real Digital infrastructure, the Central Bank (BC) has created the Interdepartmental Working Group (GTI) to evaluate the “tokenization” of financial assets.
The GTI carries out various activities such as comparing the Brazilian experience with the international scenario, analyzing the results of the BC’s Sandbox and LIFT programs, mapping the activities related to accounting, registration, deposit, custody, negotiation and settlement of assets, study the impact of DLT/Blockchain technologies on the financial market, identify efficiency gains in the national financial system (SFN) and evaluate the cybersecurity of “tokenization” solutions.
In addition, the GTI formed nine thematic sub-groups, including one on sustainable finance. The sub-group responsible for opening the debate forum on the digital economy will coordinate the webinars.
At an event that concluded last Friday (2), Central Bank President Roberto Campos Neto indicated that if the “True digital had appeared sooner, it would have prevented problems with cryptocurrencies“.
That is, the novelty that uses cryptocurrency technology as a basis should come to give the regulator more control over the activities of Brazilians, which should be concentrated in a digital portfolio of banks, also with access to PIX, among others, OpenFinance. .
The first event was attended by banks and companies interested in the technology
In these webinars, the topic is discussed with participants from the market, academia, regulators and international organizations.
The first took place last Thursday (1). Professionals from Bradesco, Credix and Hamsa Pay discussed the topic.
The BC and the National Federation of Associations of Central Bank Employees (Fenasbac), a partner in the project, moderated.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
