the president central bankRoberto Campos Neto announced this Monday (27) that autarchy will soon start a pilot project to create digital currency. According to Campos Neto, the launch is scheduled for next month and the goal is to have the new currency fully operational by the end of 2024.. The initiative represents an important step for the Central Bank, which will join other financial institutions around the world that are already exploring the possibility of creating their own digital currencies.

“Next month we will already have a pilot digital currency, Brazil will be one of the first countries to do this. Moving forward with the pilot as safety is ensured” Campos Neto said at the IDP Summit event.

In his lecture, he added that the big advantage of digital currency over Pix is ​​that payments are now made through a digital contract. “The receiving party ceases to be human and becomes a digital contract, which is a big improvement in several aspects.“, He said.

It is worth recalling that ten days ago he already stated that the project was close to launch. During his participation in the BTG Pactual CEO Conference 2023, Campos Neto emphasized that Real Digital will be a digital currency issued by the central bank itself, aimed at the wholesale market, that is, intended for companies.

According to the President, the population will gain access to digital currency through tokenized deposits and converted into cryptocurrencies of a stable value, issued by financial institutions previously approved by the BC. Campos Neto emphasized that the introduction of Real Digital will contribute to the digitization of financial transactions, which will directly affect bank balance sheets.

What is true digital?

Inspired by Ethereum, the second largest blockchain in the world, Real Digital is being developed on top of blockchain technology. According to previous statements by Central Bank President Roberto Campos Neto, the digital currency will become the native token of a large ecosystem that will require banks and other financial institutions to be able to tokenize deposits in order to enable the new platform functionality. .

“Banks may be allowed to tokenize deposits for use on a new intermediary platform along with a CBDC with access to programmable cash and smart contract features.“, he said in his speech.

Campos Neto also said that Real Digital will have the potential to move the national financial system towards Internet of Things (IoT) applications. In addition, the president said he is exploring ways to connect the Real Digital platform to other public blockchains such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Cardano (ADA), and Tron.

Although he assured that Real Digital is not the complete death of physical money, he emphasized that one of the goals of the CBDC is to reduce the circulation of paper money.

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Source: G1

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