A rat race has been going on between different countries to launch their central based digital currency (CBDC). Now, Brazil seems to be the one entering this race with full enthusiasm. This is because Brazil’s Economy Minister, Paulo Guedes has announced the plan to create its own CBDC.
Most of the countries are accelerating the development of their CBDC as China is all set to launch one. Brazil’s Economy Minister has mentioned that the country will very soon have its own digital currency. He also claimed that Brazil will remain ahead of most of the countries for launching their CBDC.
Even though Brazil’s Economy Minister was quite enthusiastic about CBDC’s announcement, he has not revealed much detail about it. This is for the first time that such an influential minister of the country has talked about launching CBDC.
This is not something all of sudden as Brazil has been planning to launch its CBDC for a really long time now. Back in August, the country has announced a separate study group to do enough research about CBDC. Roberto Campos Neto, President of the country, has said there is a need to make improvements in the country’s currency.
Despite the announcement by Brazil’s Economy Minister, there is not much information available about the country’s CBDC. However, according to the country’s President, Digital Real (Brazil’s CBDC) might come into circulation in 2022. This step of speeding up the development of the country’s CBDC is something that might be because of the launch of China’s CBDC. China is the first major country to launch its CBDC and different countries are now trying to launch theirs to reduce the influence of the Digital Yuan.