The head of the Central Bank of Brazil, Roberto Campos Neto, said that by 2022, the country could have its own digital currency.
By this time, Neto said, Brazil will have developed an interoperable payment system and will have a “trustworthy and convertible” international currency, “all the elements for creating a digital currency”.
Neto noted that digital currencies of central banks are a consequence of the rapid digitalization of the financial system around the world, including in Brazil.
Neto mentioned the PIX instant payment system, which is due to launch in November, and the Open Banking initiative, also planned for this year.
With the PIX, it is expected that peer-to-peer transactions between users will take 10 seconds or less, while the second initiative will help banks exchange customer data, making it easier for the latter to open new accounts.
Neto added: “The digital currency of the central bank differs from cryptocurrencies that are not trusted at the government level, such as bitcoin, as it is only a new representation of a currency that is already issued by the national monetary institution.”