This Monday (24th), the Central Bank of Brazil (BCB) released guidelines for the creation of a cryptocurrency for Brazil. The intent of the digital currency is to promote innovation in payment methods, which have become necessary due to the various changes that the world economy has encountered.
The emission of digital currencies by central banks is named, in English, as Central Bank Digital Currencies (CBDCs) and has been gaining prominence over the past few years. The new cryptocurrency would be issued by the BCB itself.
According to the BCB, the eventual development of a CBDC aims to increase the efficiency of retail payment systems and would contribute to the emergence of new business models, in addition to favoring Brazil’s participation in regional and global economic sectors.
Consequently, the guidelines outlined by the institution aim to use cryptocurrency to make payments in the retail sector and carry out online and offline operations, in addition to emphasising the development of innovative models thanks to technological progress.
Because it is issued by the BCB, the cryptocurrency gains great distinction, as a guarantee of legal security in its operations. Another important factor is the institution’s mission of ensuring the stability of the buying and selling power of the digital currency.
The Central Bank noted that before a presentation of the new cryptocurrency schedule could be defined, a dialogue with the private sector on the subject will take place and stressed that the first guidelines may undergo future changes.
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