04 September 2020 13:00, UTC

Anna Martynova

According to the President of the Central Bank of Brazil, Roberto NETO, the country will be able to provide the necessary conditions for the implementation of the central bank digital currency (CBDC) in 2022. Brazil has recently begun a formal study of the feasibility of implementing CBDC. On August 20, the central bank formed a group of researchers to evaluate the idea.

Brazil is developing technology capable of processing interbank payments without time limits, almost free of charge and instantaneous. This new system, PIX, will be ready for deployment this November.

The new system is likely to be a serious competitor to distributed ledger technologies such as Ripple’s ODL, which are seeking to establish themselves in Brazil by enabling fast and cheap transactions.

Image courtesy of Forex Flow

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