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According to Neto, the Brazilian CBDC dubbed Real Digital will enable traditional banks to issue stablecoins in a regulated channel.
Pedro Albuquerque, Founder and CEO of TC, and Murillo de Aragão, Chairman at Arko Advice, spoke to Roberto Campos Neto, the President of the Central Bank of Brazil (Bacen) about the country’s economic transformation and its possibility to issues stablecoins. According to Neto, the country’s CBDC is imminent and will have to ensure global competency.
Moreover, other countries around the world are looking to venture into the digital market. For example, China is miles ahead in its CBDC implementation.
According to Neto, the CBDC of Brazil dubbed as Real Digital will enable traditional banks to issue stablecoins in a regulated channel.
“We have the STR, a system that liquidates all assets and has the Real as collateral. So we will have a system on top of that, a digital STR, where it will be guaranteed by the digital currency, Real Digital, and banks will be able to issue stablecoins on top of their deposits”, Neto said.
Brazil has recorded a notable spike in crypto market demand. Remember the country is in close proximity with El Salvador that adopted Bitcoin as legal tender alongside the United States dollar. By introducing a digital currency backed by the
“The Real Digital initiative responds to the rapid progress of digital transformation and society’s demand for native means of settlement in a new environment, conditions for important efficiency gains to be achieved,” Campos Neto said in a statement last year.
Speculations are that the country will have its Real Digital by the end of 2022. Whereby the central bank previously indicated that it has all the necessary implementations set in place.
Neto Positive Brazil Will Emerge Among the Top CBDC Racers and Stablecoins Issuers
As the competition for CBDC rollout heightens, fueled by the rising crypto market, the Brazilian government has significantly invested in its research. Moreover, Brazilians have adopted the crypto market in a major way.
Remember, the country has approximately 215 million people, and 87 percent of them live in urban areas. Additionally, the country’s median age according to data provided by worldometers.info is 33.5 years. Thereby indicating a major market opportunity in the country.
The Brazilian lawmakers are keen to provide a competitive crypto policy framework. As a result, the country may be guaranteed to emerge among the top tier in the best CBDC rollout.
“To have a digital currency, you need an instant payment system that is efficient and interoperable; an open system, where you can create competition, and a currency that has credibility, is convertible and international. After that, I think you have all the ingredients to have a digital currency,” Neto previously noted.