Brazil is the latest country in a long line to jump on the nationalized digital currency bandwagon. An official for its central bank said this week that its forthcoming PIX system already aims to speed up interbank payments and make them cheaper, and could even pave the path for a bigger project involving a Central Bank Digital Currency (CBDC).
The bank’s president Roberto Campos Neto, said the country could fulfill all prerequisites and conditions for eventually launching its central bank digital currency in 2022.
Brazil has only recently begun formally studying the possibility of implementing a CBDC. On August 20, the Central Bank installed a study team to evaluate the idea.
Central banks are looking to introduce their own digital currencies as the crypto market has burgeoned since its inception. The institutionalization of cryptocurrencies, as it is called, can soon take place.
Brazil, which is one of such countries working to better its banking infrastructure and develop a technology capable of processing interbank payments without a time limit, practically free and instantaneously.