Brazil is making strides in developing its central bank digital currency (CBDC), and the design of its architecture. Roberto Campos Neto, president of the Central Bank of Brazil, recently detailed the advances that the institution has made in building the foundation for the operation of the proposed digital real currency.

In a conference organized by Brazilian bank BTG Pactual, Campos Neto stated that the pilot tests for the digital real would be starting ”now,” and that the project was receiving significant assistance from private banks. Campos Neto estimates that the full development route for the project should be ready for December 2023, when his mandate as president of the bank ends.

Campos Neto also commented that the implementation of the currency will make banks keep more digitalized assets as part of their balances. The Brazilian CBDC model implies that each bank will be able to issue this currency backed by regulated deposits.

(By Sergio Goschenko)

Get the latest news here: Cointime channel — https://t.me/cointime_en