Brazil May Launch Its Defi-Integrated Digital Real in 2024 – News Bitcoin News

Roberto Campos Neto, President of the Central Bank of Brazil, has stated that the digital real project, the Brazilian Central Bank Digital Currency (CBDC) could be launched in 2024. Campos Neto also noted the benefits that the digital currency system can bring when integrated with traditional financial structures and decentralized financial institutions (defi).

Digital Real could be ready in 2024, according to Roberto Campos Neto

Brazil is one of the countries that has made significant progress in central bank digital currency (CBDC) in the past year. Although there is currently no official date for the issuance of the digital real, Roberto Campos Neto, President of the Central Bank of Brazil, has hinted at a possible launch of the currency in 2024. At an event on December 13, Campos Neto stated:

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 considers this possible if the trial run for the digital real starts in 2023, and ends the same year. However, he also acknowledges that there are many challenges on the road map that could delay the implementation of the project.

Digital Real to integrate Defi in Brazil

Campos Neto also referred to the integration of the digital reality with other traditional and decentralized finance-based structures. One of the tasks the bank focuses on is the implementation of a model that includes the digital reality of Open Finance, a model that promotes the sharing of data, products and services between regulated entities.

This will mean that Brazilians only need one super app to manage all their financial instruments, including digital real, tokenized bank deposits, and also cryptocurrency holdings. This is not the first time Campos Neto has referred to this concept. Back in November, Campos Neto also referred to a super app that would include all the functions of traditional and legacy financial instruments in a common hub.

Finally, Campos Neto states that the programmable nature of the digital real will allow integration with new structures that can bridge payment systems like Pix with Web3 ecosystems. Of this he declared:

It’s very important that it’s programmable so you can add new features, in PIX you can theoretically put a smart contract on top of it.

What do you think about the possible launch date of the digital real in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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