Friday, December 3

Central Bank announces date of last event on digital Real

The Central Bank of Brazil released the date of the last event on the digital Real, which will discuss the details of the technology of the Brazilian digital currency. Since July 2021, there have been six meetings on the topic of the digital Real. This currency will be issued in the coming years in CBDC format, and may be integrated with digital money from other countries.

However, the Brazilian local currency would not be decentralized like cryptocurrencies, continuing with its issuance under the responsibility of the Central Bank of Brazil. In addition, banks would still have their role in the financial system of intermediating customer resources.

In practice, the intention of the Brazilian autarchy is to create a digital currency to replace physical currency, in kind. Thus, in 2022 some pilot tests may already be carried out by the BCB, which has an agenda to launch innovations.

Central Bank of Brazil promotes the last event on the digital Real next week

Next Tuesday (30), the Central Bank of Brazil will present on its channel of the YouTube the last event about the digital Real, starting at 11 am.

The guests to speak are Matthieu Saint Olive (ConsenSys), Ricardo Correia (R3) and Seidemann Wolfram (G+D Currency Technology). The debate will be moderated by Aristides Andrade Cavalcante Neto, who is deputy head of the BC’s Information Technology Department.

The theme of the meeting is β€œTechnologies for emission and compatibility with existing arrangementsβ€œ, which involves discussing alternatives for the creation of digital currency. One of the points is to ensure that the system is interoperable, integrating with international systems.

Another concern of the Central Bank of Brazil is the resistance of the Brazilian digital currency to cyber attacks, an issue that is fundamental in the digital age.

β€œIn this webinar, technological alternatives and existing models will be considered with a view to evaluating, on the one hand, their interoperability with existing systems and the possibility of their integration with international payment systems; and, on the other hand, its security and resilience to cyber attacks.”

This debate will then close the series of seven events promoted by the Central Bank of Brazil on the digital Real, a new topic in the country, but under study by many countries.

This technology comes mainly to fight the use of public cryptocurrencies such as Bitcoin, which has grown in Brazil as a store of value and a means of payment. Meanwhile, the current Brazilian currency is already considered one of the worst in the world, due to its devaluation against the Dollar in 2021.

What will change with CBDC? In addition to withdrawing cash from circulation, the BCB hopes to have programmable money, DeFi, among other innovations that are only possible with a digital currency, according to members of the municipality itself.

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