Brazil: Cryptocurrency pilot project – Geotribune
Brazil: Cryptocurrency pilot project – Geotribune
Brazil’s central bank on Monday launched a pilot project to implement a cryptocurrency, which is a “tokenized” version of the country’s real, current currency, which will be produced and made available to the public by the end of 2024. .
The “Digital Real” will be similar to bitcoin in that it is a digital currency that will facilitate transactions, but it will be issued by the Central Bank and its value will be equal to that of the regular currency.
The pilot project began with the creation of a platform for conducting simulation transactions in government securities between the Central Bank and a small group of financial institutions.
The digital real will be in the testing phase until the end of 2024, but the schedule is open to possible changes, project coordinator Fabio Araujo explained during a press conference.
