Real Digital will have a similar payment method to Pix
Last April, the Central Bank began providing more concrete details on what Real Digital will be. This is the Central Bank Digital Currency (CBDC). It is Brazil’s first official virtual currency, which is expected to be made available to the public by the end of 2024.
First of all, it should be clarified that, unlike cryptocurrencies, it will have the same value and constitutionality as traditional real. Indeed, there will be two currencies, one wholesale (for banks and financial institutions) and another retail (for individuals or legal entities).
Real Digital will have a similar payment method to Pix. Digital currency can be accessed through a digital wallet under the responsibility of banks and other authorized financial institutions, such as cooperatives, payment companies and financial market infrastructures.
While no conversion is required, the BC points out that this play money cannot be converted into banknotes.
Still in the testing phase, Real Digital is expected to be available to the population by the end of 2024. Testing began in March 2021 and will continue until December when the results will be evaluated.
“Regardless of the name, Real Digital is a milestone in the digital transformation of the Brazilian financial system. It will enable the tokenization of assets, facilitate financial transactions and, by integrating with blockchain technology, will bring a new level of security and efficiency,” explains Nathan Marion , general manager of Yuno. “Real Digital, with its programmability capabilities, will bring an extra layer of security and trust to financial transactions. This could have a significant impact in many areas, from car sales to real estate purchases.”
He adds: “Its implementation is further evidence of Brazil’s commitment to financial innovation. With the introduction of the digital currency, the country joins a growing list of nations exploring the potential of CBDCs to transform their economies”.
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Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
