Brazil Plans a CBDC Pilot in 2022

November 23, 2021

Banco Central do Brasil (BCB) will be launching a central bank digital currency (CBDC) trial in the coming year, 2022. A final version should follow two years later in 2024, BCB President Roberto Campos Neto said on Friday, local media outlet Estadao reported.

Without providing further details, the monetary authority of the South American country is also having discussions on the regulation of digital assets as an investment vehicle, Campos Neto said.

The head of the central bank noted that crypto is becoming increasingly adopted in the country and that crypto transactions are showing on Brazil’s balance sheets:

“[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument.”

Campos Neto pointed to reports that Brazilians hold around $40 billion in cryptocurrencies in total and that year to date they have acquired an additional $4.27 billion in crypto assets.

In September, the BCB officially informed the Brazilian Senate of its plans of a digital real to be ready for use in 2024.

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Author: Peter Siu

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