• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Brazil’s Central Bank Puts CBDC Debut On Hold 2 Years

by CBDC Insider
June 14, 2021
in Business, South America
Reading Time: 1min read
0
Brazil’s Central Bank Puts CBDC Debut On Hold 2 Years
Share on FacebookShare on Twitter

The Banco Central de Brasil (BCB) wants at least a year of more time before it debuts its new central bank digital currency (CBDC), CoinDesk writes.

“According to the current BCB assessment, the conditions for the adoption of a Brazilian CBDC will be achieved in two to three years,” the bank said, according to CoinDesk.

According to BCB, the time frame for the rollout depends on the evolution of the projects the bank is working on now.

RELATED STORIES

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

May 15, 2023
Reltime Unveils Revolutionary Wrapped FIAT and CBDC Service Set to Transform Global Financial Landscape

Reltime Unveils Revolutionary Wrapped FIAT and CBDC Service Set to Transform Global Financial Landscape

May 15, 2023

This comes after BCB said there would be a CBDC ready by next year.

There are other fresh elements of the bank, including a new instant payment system called PIX, along with the coming launch of its open banking model; the bank says it is depending on those things being a success before rolling out a CBDC.

The BCB was still optimistic about the prospects of a digital currency, saying it “may provide new tools to foster innovation and competition in an increasingly digital economy; reduce the use of cash and therefore its maintenance cost; improve cross-border payment processes; curb illegal activities and improve financial inclusion.”

The bank also expects the new coin to coexist with the existing physical currency.

In addition, the BCB has been participating in the global talks about standards for CBDCs. The next step, it said, is to look into the impact on the Brazilian economy.

Read more: https://www.pymnts.com/cryptocurrency/2021/brazils-central-bank-puts-cbdc-debut-on-hold-2-years/

Previous Post

Nigeria Joins China, Brazil and Others in the Race to Launch its Own Central Bank Digital Currency

Next Post

Chinese Workers Can Now Be Paid In Digital Yuan

Next Post
Chinese Workers Can Now Be Paid In Digital Yuan

Chinese Workers Can Now Be Paid In Digital Yuan

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register