Brazilian economy minister confirms forthcoming CBDC launch

Brazil’s economy minister Paulo Guedes for the first time confirmed the forthcoming release of the local central bank’s own digital currency (CBDC), Cointelegraph reports citing the official’s remarks.

He also said that on this issue Brazil is ahead of many countries, though he did not provide additional details about the initiative.

In August, the Brazilian Central Bank created an interagency group to study the risks and benefits of issuing a CBDC.

In September, the regulator’s head Roberto Campos Neto announced the completion of developing its own digital currency by the end of 2022.

Learn what central bank digital currencies are in ForkLog’s explainer cards.

What is a central bank digital currency (CBDC)?

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