Bitrabo Editorial
During 2022, Brazil announced the launch of its CBDC pilot, which proposes the creation of a digital version of its national fiat currency, the real, that will guarantee its value stability.
The issuance of the digital real currency will be controlled and managed gradually, resulting in a fixed and limited supply over time.
Digital Real Initiatives Attract Attention of Global Crypto Companies
Being the largest country in Latin America with a population of 214 million people, Brazil is attracting many global cryptocurrency companies due to its size and potential in the crypto industry.
Earlier this year, the collaboration between Binance and Mastercard resulted in the introduction of a prepaid crypto card in Brazil. Additionally, in March, Coinbase entered into partnerships with local payment providers and allowed users to buy, sell and withdraw cryptocurrencies in local currency.
On May 19, Latam Gateway, the payment provider for Binance in Brazil, was granted a license by the Brazilian central bank to operate as a payment institution and electronic money issuer.
The digital real pilot program is a notable milestone in the Brazilian financial sector, as it includes a diverse range of participants. This includes financial institutions, cooperatives, public banks, crypto service developers, payment institutes, and infrastructure operators. The inclusive approach will strengthen Brazil’s digital economy.
According to the central bank’s timeline, the process of integrating the chosen participants into the digital real pilot platform will begin in mid-June 2023.
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