2024, Digital Currency Application in Brazil

Brazil's digital currency implementation pushed to 2024

According to the Central Bank of Brazil, the introduction of digital currency into the country has been delayed, according to new plans on digital Real to postpone the tests that were supposed to start in 2023 due to the reason for the strike of central bank workers and the impact of the original schedule
In an event on the subject, which the President of the Central Bank of Brazil said that the real digital project will start at the end of 2022 and pointed out that there is a possibility that there is a slight delay in the project due to the strike suffered by the institution even though this work is already under way
The rules were preceded by a study that analyzed the positive impact on the risks involved in owning a digital reality through data protection and cybersecurity, as well as regulatory issues such as the extension of digital currencies and the safe distribution of the digital rial to the national financial system and the Brazilian payment system without paying any payments to this institution.

According to the Banking Authority, the guidance package focuses on developing new market offerings based on innovations such as smart contracts and programmable funds.

Real digital can also be used in retail payments, enabling users to make online operations and even make offline payments.

The technological design of digital reality should also allow compliance with international recommendations and legal norms on the subject of preventing money laundering, financing terrorism and financing the proliferation of weapons of mass destruction.

The guidelines provide for digital reality that allows interoperability and integration with a view to enabling cross-border payments, so when it comes to cybersecurity, flexibility standards must be equivalent to arrangements applied to critical financial market infrastructure.

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