Brazil's central bank has begun testing the central bank digital currency (CBDC) project, which is expected to encourage greater involvement of individuals in the financial sector. According to Reuters, Fabio Araujo, coordinator of the CBDC project at Brazil's central bank, said the widespread use of the digital real is expected to take place in 2024 after the completion of the pilot.
Part of the testing phase will involve individuals buying and selling federal bonds, which will then be evaluated. The news also stated that the Brazilian CBDC will be a blockchain-based payment that supports retail transactions, the payment will be supported by the customer's deposits in bank accounts.
