The Central Bank of Brazil is pushing forward with its digital currency project, the “Digital Real,” and according to Roberto Campos Neto, President of the Central Bank of Brazil, they could be ready to launch it by 2024. At a special event on December 13, Campos Neto said that the goal is to have it released by then, although there are many challenges that could impede the schedule.
He also discussed the benefits of the digital currency system, which would integrate with traditional financial structures as well as decentralized financial services (defi). One of the bank’s main focuses is to develop a model that encourages the sharing and use of data, products, or services between regulated entities, so that Brazilians can manage all their financial instruments, including both real tokenized bank deposits and cryptocurrency holdings, through a single app.
Campos Neto also referred to the concept of a “super app” that could be used to access all types of legacy and conventional financial instruments in one place. Finally, he noted that the digital real’s programmable nature will allow it to be integrated with new structures, such as the Pix Web3 ecosystem, that can unify payment systems.