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.

evaluation

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
  • Efficiency

Strategic Planning  Financial Citizenship; and the BCB’s BC# Agenda were all motivating factors –

  • Inclusion
  • Competitiveness
  • Transparency
  • Education
  • Sustainability

 

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.

 

 

 

 

 

 

 

 

2021 Press Release

The future

The BCB will extend the success of PIX (payment method), and the development of Open Banking to deliver CBDC solutions.

These changes will impact the FMI of Brazil. 

By cryptorocks_editor

Editor.