The Digital Real
Brazil salutes new payment innovation
Brazil enjoys being in the top ten world economies by GDP.
However devastating impact of Covid-19 has battered the economy driving Brazilians into poverty.
Fsical policies became uncertain as the Brazilian Government financed a 156 billion dollars rescue package.
To address global and national changes, the BCB announced on 24 May 2021 new guidelines for a digital Real.
The 2020 Study Group
The Brazilian Payment System (SPB) is being progressively digitized dated to replace the paper and coin based Real.
To address digitizing the Real, the BCB formed a study group in 2020.
Several key areas were of interest –
- Financial Inclusion
- Economic Growth
- Technical Innovation
the 2021 Guideline
The BCB’s latest announcement will further address its BC# Agenda –
- Dynamic Technological Evolution
- Efficiency in Retail Payment Systems
- New Business Models
- Cross-border Transactions
The BCB welcomes private sector involvement.
The digital Real could use smart contracts, IoT systems, and programmable money.