The Central Bank of Brazil plans to launch a central bank digital currency (CBDC) by 2024. Bank President Roberto Campos Neto spoke at a conference held by the Brazilian news site Poder360 on Tuesday.
Campos Neto revealed that the bank will conduct a pilot program working with some financial institutions before starting wider use of the CBDC.
Brazil will join the Bahamas, Nigeria, the Eastern Caribbean, and Jamaica as these nations that have already issued CBDCs.
Campos Neto said, “I think that this digitized, paid-in, integrated system, with inclusion, will help a lot in the development and inclusion of people in the financial world.”
He further added, “ Greater inclusion, lower cost, intermediation, competition with reduced barriers to entry, efficiency in risk control, monetization of data, complete tokenization of financial assets and contracts is what we see in this digital economy in Brazil.
Also Read: Indian Central Bank to Launch Pilot for Retail CBDC on December 1
