Brazilian central bank delays launch of the digital real

The Central Bank of Brazil announced changes to the launch timelines for the national digital currency (CBDC). CoinDesk reports, citing the regulator’s statement.

The central bank noted that the decision required more time. The final timeline depends on the progress of current projects and the international landscape.

\”According to the current assessment BCB, the conditions for adopting Brazil’s CBDC will be met in two to three years,\” the statement said.

Regulatory officials added that they are actively participating in discussions on global standards for national CBDCs. The next step, they said, will be to assess the impact of digital currencies on Brazil’s economy.

In August 2020, the Central Bank created an interagency group to study the risks and benefits of issuing the digital real.

In September, the regulator’s head Roberto Campos Neto announced the completion of CBDC development by the end of 2022.

Later, Economy Minister Paulo Guedes first confirmed the planned release of the national digital currency and said that Brazil is ahead of many countries on the issue.