Test version of Brazilian CBDC will appear by the beginning of 2022

by in Cryptocurrency News

Brazil

Back in early summer, the press center of the Central Bank of Brazil announced the regulator's plans to issue a digital version of the real (CBDC) within the next two to three years.

Then, information about the start of token testing began to spread on social networks. The Central Bank denied these rumors, although it admitted that work on the creation of the CBDC is underway.

The Brazilian regulator is going to pilot test the digital real before early next year. It must finish within 12 months from the start of the test. After that, the Brazilian Central Bank will decide on the integration of CBDC into the financial system of the state.

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Central Bank President Roberto Campos Neto last Friday announced to reporters the authorities' plans to develop a regulatory framework for cryptocurrencies. At the initiative of the regulator, bitcoin and other virtual coins can be recognized as an investment instrument.

The Central Bank has data according to which Brazilians have invested up to $ 4.27 billion in cryptocurrencies this year alone. Summer Roberto Campos Neto stated that the volume of investments of citizens of his country in digital assets exceeds $ 40 billion.