Central Bank President: Brazil May See CBDC In Two Years
The president of Banco Central — Brazil’s central bank — has announced Brazilians could see a central bank digital currency, or CBDC, before 2023.
According to a September 2 report by news outlet Correio Braziliense, Brazil could be ready for a central bank digital currency in 2022. Roberto Campos Neto, the president of Banco Central, stated that the country’s central bank had already taken actions to modernize the Brazil’s financial system which has made a CBDC the natural result.
The president named the country’s PIX instant payment system and open banking among those actions. The central bank is going to process peer-to-peer and business-to-business transactions in 10 seconds or less using a mobile phone, internet banking or ATMs beginning in November. An open banking system allows for the exchange of user information between banks — enabling customers to switch more easily.