During a ceremony held on Wednesday (4), the Minister of the Economy, Paulo Guedes, confirmed that Brazil will also have a digital currency. The project is already under study by the Central Bank (CB) and will be a direct consequence of the adoption of the PIX.
Guedes didn’t even mention the details of the project, but the idea of a digital currency has already been explored by several countries around the world. The most advanced example is Chinese, since the country’s government has already launched the digital yuan.
Brazil will have the digital currency. Brazil is ahead of many countries.
However, the minister is also making it very clear that digital currency will be different from well-known cryptocurrencies like Bitcoin. Indeed, the project provides for a Real Digital, that is to say controlled by the monetary policy of the Central Bank of Brazil.
Paulo Guedes also pointed out that Brazil already has the fourth largest digital market in the world. For this reason, the group created by the Central Bank to issue a digital currency has up to 180 days – extendable to an additional 180 days – to complete the studies and prepare a final report on the subject.
Paulo Guedes also celebrated the bill that gives autonomy to the Central Bank. For him, the PL represents an institutional advance for the country, because it protects the institution from political pressure.
Commenting on the matter, BC President Roberto Campos Neto has previously indicated that there may be room for the creation of Real Digital in mid-2022. Thanks to this, Brazil will be able to integrate the select group of countries that already have digital currencies, a policy which is also encouraged by the International Monetary Fund (IMF).