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The monetary authority of the Latin American country has said it expects to launch a final version of its central bank digital currency by 2024.
The Central Bank of Brazil (BCB) plans to launch a pilot of a digital currency (CBDC) by 2022, BCB President Roberto Campos Neto said on Friday, local media outlet Estadao reported.
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In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic advisor to the BCB, who added that the monetary authority would conduct initial tests in 2022.
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Brazil’s central bank has also been discussing a bill to regulate digital assets as an investment vehicle, Campos Neto also said on Friday, without disclosing further details.
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“[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument,” Campos Neto noted, adding that crypto purchases are impacting Brazil’s import figures.
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According to the BCB, Brazilians have already acquired $4.27 billion of crypto so far in 2021. In August, Campos Neto said that Brazilians held about $40 billion in total in cryptocurrencies.
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