Brazil Could Launch Its Defi Integrated Digital Real in 2024 CryptoBlog

[ad_1]

Roberto Campos Neto, President of the Central Bank of Brazil, said that the real digital project, the Brazilian Central Bank Digital Currency (CBDC) could be launched in 2024. Campos Neto also highlighted the benefits that the digital currency system could bring because it is integrated into traditional financial structures and decentralized financial institutions (defi).

Digital Real could be ready in 2024, according to Roberto Campos Neto

Brazil is one of the countries that has made significant progress in the area of ​​central bank digital currency (CBDC) in the last year. Although there is currently no official date for the issuance of the digital real, Roberto Campos Neto, President of the Central Bank of Brazil, hinted at a possible launch of the currency in 2024. During an event on December 13, Campos Neto said:

In 2024, I would like to have a release. There are still many challenges to meet to achieve this schedule, but this is our vision, our goal.

Campos Neto considers this possible if the test-trial of digital reality begins in 2023 and ends the same year. However, he also recognizes that many challenges on the roadmap could delay the realization of the project.

Digital Real will integrate Defi in Brazil

Campos Neto also referred to the integration of digital reality with other traditional and decentralized financial structures. One of the tasks on which the bank is focusing is the implementation of a model that includes the digital real with Open Finance, a model that promotes the sharing of data, products and services between regulated entities.

This would mean that Brazilians would only need one super app to manage all their financial instruments, including real and token digital bank deposits, as well as cryptocurrency holdings. It is not the first time that Campos Neto has referred to this concept. In November, Campos Neto also referred to a super app that would encompass all functionality for traditional and legacy financial instruments in a common hub.

Finally, Campos Neto states that the programmable nature of the digital real will allow its integration into new structures that could link payment systems like Pix to Web3 ecosystems. On this he said:

It’s very important that it’s programmable so you can add new functionality, in PIX in theory you can put a smart contract on it.

What do you think of the possible launch date of digital reality in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]