Status : Development
Usecase : Retail
The Central Bank of Brazil (BCB) has released general guidelines for the digitization of the real, with the aim of modernizing the country’s economy. The Digital real will be intermediated by the National Financial System and the Brazilian Payments System, and the BCB has specified goals such as security, privacy, interoperability, and integration for cross-border payments. A pilot of the Digital Real is expected to go live in the second half of 2022, following the successful implementation of PIX, an instant payments system that does not require intermediaries and is already being used by over 70 percent of the Brazilian population. The BCB has shared additional details, including a mockup app that integrates the Digital Real with private crypto assets and traditional financial services. The central bank is currently testing the Digital real privately and plans to launch a public pilot program in 2023, with the aim of launching a CBDC in 2024. The motivations behind the Digital real include providing a safe environment for innovation and potential financial inclusion benefits.
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