Brazil's Central Bank Says Nation Might Be Ready for a Digital Currency by 2022
Brazil's fast-digitizing financial infrastructure could set the stage for CBDC in the next two years, said Campos Neto.
Sep 3, 2020 at 8:55 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ID66C2GTOBCPRJLW4VNX3FWO4U.jpg)
Banco Central President Roberto Campos Neto says Brazil will have "all the ingredients" for a digital currency by 2022. (Marcos Oliveira/Agência Senado/Wikimedia Commons)
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Brazil's chief central banker, Roberto Campos Neto, said Wednesday that his country could be ready for a digital currency (CBDC) by 2022.
- By that time, the Banco Central president said, Brazil will have an interoperable instant payments system and a "credible" and "convertible" international currency - "all the ingredients to have a digital currency," he said at a Bloomberg event covered by local outlet Correio Braziliense.
- Campos Neto also was reported to have said that CBDCs are the consequence of fast-digitizing financial systems such as Brazil's. Banco Central is rolling out its PIX instant payments system in November and launching an Open Banking initiative later this year.
- The comments place some context around Banco Central's late August move to create a working group to begin studying CBDC issuance. That group's final report should be ready within six months to a year, he said Wednesday.
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