Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

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Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this new test... See more for yourself here.

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If we look closely, Brazil already has a CBDC. It's the PIX. This tool, launched in 2020 and widely used by the population, has become one of the main payment standards. In Shopping Centers in large cities such as São Paulo and Rio de Janeiro, payments are essentially made via debit card, credit card and PIX. The use of banknotes is irrelevant. In popular commerce, banknotes are still used in reasonable quantities, but many people opt for the debit card and the PIX.
Therefore, Brazil already has a testing structure for its CBDC, just missing the formal launch and a clear policy to replace the currency, with the gradual extinction of banknotes.
In addition to the CBDC, the Central Bank of Brazil has created, since 2018, a research center for innovations in the financial sector, LIFT. There, solutions are being developed not only in Blockchain, but also with the use of IoT and AI technologies.