In 2022, the Central Bank (BC) announced the plan to create the Real Digital. It is a fully digital currency equivalent to the real in value, but different from physical currency. Now, the Bank is studying to start testing the currency in the market, preparing for its entry at all. The information came from the current BC president at a conference.
Real Digital will enter the market
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At the BTG Pactual CEO Conference 2023, Roberto Campos, current president of the Central Bank, announced that tests with Real Digital will begin in 2023. The digital currency is not a cryptocurrency and is different from the physical Real, despite having equivalent values. The currency is called Central Bank Digital Currency (CBDC) and will be issued by the bank itself, being distributed to customers by other financial institutions.
Value equivalent to the physical Real
The Central Bank's plan is to maintain an equivalent purchase value between Real Digital and physical, allowing it to be stored in a digital wallet. According to the president of BC, there is cooperation from several banks to establish the new currency.
What about Pix?
President Roberto Campos has already claimed that the Central Bank intends to unite Pix to the new currency by 2024, but still without a set date. The objective is to follow the trend of recent years of replacing paper currency with digital payments. The new currency will facilitate transactions, avoid risks with paper money, reduce costs and continue the path of modernization of the financial system.
work offline
For digital currency to actually replace physical currency, it needs to work without the internet. Faced with this challenge, several banks are supporting the Central Bank to implement an efficient way of using the new currency.
Real Digital pilots
According to Fábio Araújo, coordinator of the Real Digital project, the pilots of the currency should start with the liquidation of government bonds. This way, there will be more visibility and transparency of how the coin works throughout the testing period.