Brazil’s topmost lender and central bank, The Banco Central do Brasil (BCB) has asked for additional time to properly plan and execute the launch of its Central Bank Digital Currency (CBDC). CBDCs are digital variants of a country’s currency supplied and regulated by its central financial authority.
In an email addressed to CoinDesk, BCB indicated that the time duration needed for the implementation of Brazil’s CBDC is dependent on more than a few factors, including the rate at which the bank’s ongoing projects can be executed and the nature of the international market space.
“According to the current BCB assessment, the conditions for the adoption of a Brazilian CBDC will be achieved in two to three years,” the bank said.
“According to the current BCB assessment, the conditions for the adoption of a Brazilian CBDC will be achieved in two to three years,”
The newest statements are a sharp opposite of what the BCB’s chief executive, Roberto Campos Neto, had previously led the public to believe, which is that the country was could be set to launch its CBDC in 2022.
New factors have emerged in Brazil’s financial ecosystem, including a new instant payment platform, PIX, and the planned launch of its open banking system. The central bank claims the successful implementation of these systems is critical to the eventual launch of a CBDC.
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