Brazil's central bank plans to launch digital currency by the end of 2024

Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com, May 26, according to Reuters, on May 25, local time, Brazilian central bank governor Roberto Campos Neto said on Tuesday that the Brazilian central bank plans to launch its digital currency in 2024 and will conduct a closed pilot with financial institutions next year.

In March this year, Brazil's central bank announced the launch of a pilot project on digital currency. On 24 May, Brazil's central bank announced 14 companies, financial institutions and consortia selected nationwide to participate in the test, including major local private banks such as Bradesco, Nubank and Ita ú Unibanco, as well as Banco do Brasil, Brazil's largest public bank, and local stock exchange B3. In addition, multinationals such as Visa and Microsoft were also selected to participate in the test.

According to the Brazilian central bank's plan, after the launch of the digital currency, the Brazilian central bank will become the issuer of the digital currency, which will be distributed by the banks as an extension of the physical currency, ▲ Touyuan reported. The digital currency can be freely convertible with the Brazilian currency currently in circulation in the market (CTOnews.com note: Brazilian real) and will be protected by law.

The Brazilian central bank plans to complete the relevant development and testing by February 2024, and then formally launch the digital currency after further evaluation and revision.