фото показано с : invezz.com

As the CBDC race continues, many new participants have started emerging recently. The latest in the line is Brazil, which is now working on creating its own central bank digital currency.

According to the president of Brazil’s central bank, Roberto Camos Neto, the plan is to have the new CBDC up and running by 2022.

The announcement of launching a Brazilian CBDC does not come as that big of a surprise. After all, the country’s central bank did establish a research group for studying cryptocurrencies, CBDCs, and potential benefits and other consequences of launching such a coin.

What is surprising is the fact that the decision to go through with it came only a few weeks after the research group was formed, hinting at great enthusiasm of the bank.

Neto also noted that Brazil is already working on the settlement infrastructure, known as PIX. PIX is expected to bring instant payments, and it will serve for the coin’s development. Its launch is scheduled to take place in a little over two months, at some point in November.

Neto stressed that, to have a digital currency, there is first a need for an instant payment system, which would be both, interoperable and efficient. It also needs to be open and capable of having competition, with a credible currency that would be international and convertible. PIX is supposed to be the system that will make it all possible.

In a way, PIX is expected to be a competitor to Ripple and its ODL platform, especially since Ripple is already trying to move into the Brazilian market. Now, Brazil’s central bank needs to catch up to Ripple, but also to central banks around the world, which are already much further down the road when it comes to CBDC development.

The post Brazil joins the CBDC race with plans to launch by 2022 appeared first on Invezz.

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