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Brazil's Central Bank Says Nation Might Be Ready for a Digital Currency by 2022
Brazil's fast-digitizing financial infrastructure could set the stage for CBDC in the next two years, said Campos Neto.
Brazil's chief central banker, Roberto Campos Neto, said Wednesday that his country could be ready for a digital currency (CBDC) by 2022.
STORY CONTINUES BELOW
- By that time, the Banco Central president said, Brazil will have an interoperable instant payments system and a "credible" and "convertible" international currency - "all the ingredients to have a digital currency," he said at a Bloomberg event covered by local outlet Correio Braziliense.
- Campos Neto also was reported to have said that CBDCs are the consequence of fast-digitizing financial systems such as Brazil's. Banco Central is rolling out its PIX instant payments system in November and launching an Open Banking initiative later this year.
- The comments place some context around Banco Central's late August move to create a working group to begin studying CBDC issuance. That group's final report should be ready within six months to a year, he said Wednesday.
Read more: Brazil’s Central Bank Tasks Group With Laying Out Road Map to Digital Currency Issuance
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
