Home News Real Digital must connect to other digital currencies, says head of Bacen

Real Digital must connect to other digital currencies, says head of Bacen

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The president of the Central Bank (Bacen), Roberto Campos Neto, spoke again about the possibility of launching a Brazilian Central Bank Digital Currency (CBDC).

More precisely, he said that Brazil is "making great strides" in this direction and that Brazilians will soon have news about what Real Digital would be.

“We launched a Bill to change all the characteristics of the real currency. The first project is for simplification, the second phase is for internationalization and convertibility, and the third is that we have already started, the digitization project. We are making great progress in the digital currency process and we should have news soon, ”he said.

In addition, Campos Neto defended a global cooperation for the launch of CBDCs.

According to him, there needs to be more conversations and interaction between the central banks of the world around the creation of digital currencies.

Real Digital “coming soon”

According to the president of the monetary authority, CBDCs must be established with common characteristics.

"It is very important that the main characteristics are common among the various countries," he said during his participation in the 1st Ibero-American Conference of Central Banks, on Monday (12).

About Real Digital, Campos Neto said that there are four main questions that need to be answered.

The first is whether the digital currency will be remunerated or not. The second question is about the issue of CBDC. That is, if it will be done by the Central Bank, or by another body, or if it will be decentralized.

Another question is about the traceability of the digital currency and, finally, about the technology that will be adopted in the project.

As Campos Neto pointed out, the Covid-19 pandemic accelerated digital trends and society demanded an exit from the inclusive and sustainable crisis. In this sense, technology proved to be the greatest instrument of democratization in the country.

"It reduces costs, barriers to entry, it increases competition, it takes services to remote places", he detailed.

Integration between social media and the financial world

Finally, Campos Neto stated that the integration between the financial system and social media will gain strength in the coming years. And he recalled that, recently, Bacen authorized WhatsApp to launch its payment system in Brazil.

“The world talks a lot about the competition between banks and fintechs. I have the perception that it is more than that, it is the integration of social media and the financial world. Integration is just beginning, ”he said.

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