The financial system as a whole has been evolving and increasingly incorporating technology, innovation and modernity into its systems and resources. In this sense, this year the Central Bank of Brazil released information that it intends to launch a cryptocurrency in Brazil, the digital Real. Although the circulation schedule for this coin is scheduled for 2023, check out information about it now and prepare yourself.
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Understand more about Brazil's new digital currency
First of all, it is important to point out that the BCB informed that the new digital currency did not replace the physical currency. However, becoming more of an option for Brazilians. In this way, the value of this currency will be equal to the physical real that we use in everyday life.
In this sense, the deadline for it to start entering circulation is in 2024, however, Brazilians will be able to have access to it from 2023. In addition, the currency will also be linked to the volatility of banknotes. That is, it may also suffer the impacts of monetary policy and inflation.
What is the functionality of Real Digital?
Some people may be wondering what is the purpose, therefore, of a new currency for Brazil. According to the Bank, the main objective of creating this cryptocurrency is to boost the development of new features. This will make thousands of monetary operations cheaper. In addition, with the technology factor, Real digital will also be responsible for speeding up transactions, both for the retail and wholesale markets.
Following the trend of other countries that intend to start the process of digitizing their currency, such as China and the United States, in Brazil this factor will also help in e-commerce. Thus, through the digital wallet, citizens will be able to make payments without needing to convert currencies through a bank, as with cryptocurrencies.
