Brazilian Economic Minister Believes That The Nation Will Have Its Own CBDC In The Future

  • Brazilian Economic Minister Believes That The Nation Will Have Its Own CBDC In The Future

    Paolo Guedes, the economy minister in Brazil has recently said that the country will issue its own central-bank digital currency in the future. He made a statement earlier this month on the 5th of November during a ceremony that celebrated the number of 100 million digital savings accounts which opened at Caixa Econômica Federal.

    In a statement, the minister said the following:
    "Now that the Central Bank is autonomous again, it’s also amazing in the digital dimension: Pix, OpenBank, fintechs and digital currency. Brazil will have its own digital currency. Brazil is ahead of many countries."

    However, this isn’t the first time that the minister has directly spoken on the subject of central-bank digital currencies. That being said, he has not provided any further details in regard to a Brazilian CBDC project being conducted by the central bank.

    The central bank in Brazil made an announcement early this year in August that it had set up a study group for the possible issuance of a digital real.

    Roberto Campos Neto, the President of the central bank said at the time that Brazil needs to improve its currency and according to him, with the help of the new federal payment system known as Pix, this could be a reality.

    He further said:
    "In our case, Pix is very important because from now on we see the union of an instant, open and interoperable form of payment with an open data system. They will meet somewhere in the future with a currency that has yet to be perfected.”

    This comes as China gets ready to release his own central-bank digital currency known as the digital yuan. The currency is set to get released later this year and has the whole world on the edge of their seats.

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