In early March, the Brazilian Central Bank announced plans to issue a digital currency (CBDC) in 2024, alongside a change in the country’s legislation, which is expected to integrate the token into the financial system.
This digital currency is anticipated to increase the population’s and businesses’ access to financial services.
Visa and Microsoft have been identified as participants in the project, with the Central Bank planning to grant them access to its platform for processing operations with digital currency next summer.
Brazilian credit institutions such as Itaú Unibanco, BTG Pactual, and Banco Bradesco are also included in the list of project participants published by the Central Bank press station.
To ensure the integrity of the tokens, each one will be backed by real fiat. Ultimately, it will be the responsibility of the regulator to control the circulation of digital currency in the market.
