Brazil’s Central Bank wants to launch its CBDC by 2024

The Brazilian Commission of Science and Technology acknowledges the advantages the system will provide and is planning to work on tests for the next months

During a public hearing this past Monday (August 30), an economy representative of the Brazilian Central Bank, Fábio Araújo, stated that the country intends to launch its digital version of Real (Brazilian fiat currency) by 2024.  

Araújo’s announcement was made in a meeting with the Commission of Science and Technology in Brazil’ Congress. He confirmed that tests were about to be made in the next months but, in order to release the digital currency, it'll need at least two or three years.

For the president of the Commission, Senator Rodrigo Cunha, CDBCs could improve the efficiency of the national monetary system. However, the senator also reinforced the need of the Central Bank to balance the advantages and disadvantages of the new service. 

As advantages, Cunha stated the free of charge trading, which would help increase the efficiency of the payment system and would facilitate a faster and safer liquidation of the international financial transactions. 

In addition, for its traceable characteristics, the digital currency would also help in the fight against money laundry crimes, corruption, tax evasion, drug trafficking and terrorism.