Brazil will not rush to launch its digital currency

by in Cryptocurrency News

Central Bank

Back in the fall of last year, Brazilian Economy Minister Paulo Guedes announced his country's intention to launch a national digital currency (CBDC). The creation of the token will become part of a large-scale project of the authorities to digitize the economy.

Moreover, the head of the department did not even rule out the appearance of CBDC already in 2022. This week it became known about the intention of Brazil to postpone the project.

The timing of the launch of the digital rial will be shifted by two to three years. The modernization of the country's financial infrastructure, meanwhile, continues.

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An instant payment system known as PIX was recently launched. The Central Bank can deploy CBDC just on this platform.

The regulator spoke about cooperation with other central banks and international institutions in the development of a regulatory framework for transactions with tokens.

The press center of the Central Bank also added: "The implementation of the Brazilian CBDC could activate new tools to spur innovation and competition in an increasingly digital economy, and reduce the use of cash and the cost of servicing it."