The President of the Central Bank of Brazil announced that the country is currently planning to launch a digital currency of the Central Bank by the beginning of 2022. Currently, Brazil hopes to compete with other States involved in the creation of CBDC in the future
Brazil intends to create a new PIX payment system by the end of the year
The statement was made against the background of key steps taken by the Central Bank to create a group to study the possibilities of launching CBDC. It also touched on the new PIX payment system, which will be used as the basis for paying for digital assets.
According to the President, the country is working tirelessly to create this framework, and it will be launched by the end of November. The Bank also plans to launch a new Open Banking initiative at the end of the year.
To be able to launch an effective CBDC, Brazil must have a fast payment system that is simple and efficient. The new PIX, which will soon be introduced, will compete with the cross-border payment giants, Ripple, and the participation of the country’s leading Bank will give it an advantage over the payment system.