Bank of Brazil plans to test CBDC in 2022

The President of the Central Bank of Brazil (BCB), Roberto Campos Netu, announced on Friday that the Central Bank of Brazil plans to create a digital currency bank (CBDC) by 2022, according to local media Estadao.

The BCB plans to announce the final version of the digital banking system in 2024, according to estimates by BCB financial adviser Fabio Araujo in the Brazilian Senate in September, with finance officials doing a pilot project in 2022.

Campos Neto also said on Friday that the Brazilian central bank had discussed legislation to regulate digital assets as an investment asset, but did not disclose further details.

“Cryptocurrency is still starting to affect local currency, which means it has become an investment tool,” Campos Neto said.

According to BCB data, Brazilians will buy $ 4.27 billion in crypto by 2021. In August, Campos Neto announced that Brazilians will hold a total of $ 40 billion in cryptocurrency.