Tuesday, June 6

Senator defends the creation of the digital Real in Brazil

Senator Rodrigo Cunha (PSDB-AL) defended the creation of the digital Real in Brazil, a currency that should take the place of physical currency. The subjects addressed by the senator were clarified on the program Balanço das Comissãoes, on TV Senado.

Rodrigo is the current president of the Science and Technology Commission of the Federal Senate and has participated in several discussions.

Recently, the commission discussed the digital Real at a public hearing, a topic that is expected to grow in 2022.

Senator defended the creation of the digital Real

In his participation in the “Panorama das Comissãoes”, Rodrigo Cunha recalled that the Senate organized a public hearing in 2021 to clarify the points about the Brazilian digital currency.

The technology has been studied by the Central Bank of Brazil as an innovation in national money, which will become fully digital in the near future. The main intention of the autarchy is to reduce the costs of issuance, custody and protection of coins, in addition to facilitating the distribution of money between payment institutions.

In this way, the senator president of the Science and Technology Commission recalled that many countries are already studying the digitization of their currency. He highlighted that the public hearing was important to understand more about innovation, which is expected to arrive in 2024 in Brazil.

“There is an expectation that in the next few years we will have a digital currency. This gives more speed, traceability, that is, you can follow where this currency has gone, and with that, reduce corruption, evasion of foreign exchange. It also allows Brazil to negotiate faster with other countries electronically. Brazil is late, but the central bank is evaluating”.

The congressman said that it is important for the legislature to contribute to this innovation process, which has already seen the PIX make the digital payment method common among people in Brazil.

With regard to cryptocurrencies, he said that he is acting strongly on investments in cryptocurrencies, but that this is a separate issue today under review by senators. It is worth remembering that the Federal Senate hopes to resume the discussion of cryptocurrencies now in February 2022.

5G, electric cars and people’s personal data

Other technologies that the senator said the legislature is keeping an eye on are 5G and those that involve the use of the population’s personal data.

According to Rodrigo, 5G is the current focus of the Brazilian productive sector, whether in health, education, agriculture, among others. This network is expected to bring more internet to more people, expanding people’s access to the environment.

He recalled that the LGPD also came into force, while data leaks were also confirmed by government agencies. The senator said that the National Congress created a data protection authority and will further monitor this matter.

Another subject explained by the senator is that fossil fuel is becoming a luxury item in Brazil, with its prices getting higher and higher. In this way, he understands that the arrival of electric cars, as well as developed countries, will be natural in Brazil and discussions about it should evolve even more.

The senator also defended that Brazil should invest more in Science and Technology, especially now that this sector has proved to be essential for the country.