Brazil Could Launch Its Defi-Integrated Digital Real In 2024 – In recent years, Brazil has achieved major advances in the field of central bank digital currency (CBDC). While there is no formal date for the release of the digital real, Roberto Campos Neto, president of the Central Bank of Brazil, has hinted that the currency could be launched in 2024. Campos Neto announced at a Dec. 13 event: “In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal.”
Campos Neto believes this is feasible if the digital real’s test-trial run begins in 2023 and ends the same year. However, he realizes that there are numerous challenges on the roadmap that could cause the project to be delayed. Campos Neto also mentioned the digital real’s integration with other traditional and decentralized finance-based structures.
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One of the objectives that the bank is concentrating on is the establishment of a model that combines the digital real with Open Finance, a model that promotes data, product, and service sharing across regulated businesses. This would imply that Brazilians would only require a single app to handle all of their financial assets, including digital real, tokenized banking accounts, and cryptocurrency holdings.
This is not the first time that Campos Neto has made reference to this concept. Back in November, Campos Neto also referred to a super app that would encompass all of the functionalities of traditional and legacy finance instruments in a common hub.
Finally, Campos Neto states that the programmable character of the digital real will allow its integration with new structures that could bridge payment systems like Pix with Web3 ecosystems. On this, he declared: “It is very important for it to be programmable so that you can add new functionalities, in PIX, in theory, you can put a smart contract on top of it.”
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