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Brazil central bank to launch its digital currency in 2024

Campos Neto said representatives of the International Monetary Fund (IMF) have approached the central bank and given feedback that this model seems the easiest to implement, and other central banks should look into it.

December 13, 2022 / 20:09 IST
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Brazil's central bank aims to launch its digital currency in 2024 after a closed pilot program next year with financial institutions, bank president Roberto Campos Neto said on Tuesday, adding that the project had received international attention.

Speaking at an event hosted by the news website Poder 360, Campos Neto said the design of the central bank's digital currency would encourage banks to tokenize their assets, with considerable efficiency gains.

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"If the digital currency is actually a tokenized deposit, it inherits all the regulation that already applies to deposits," he said, adding that it should not disturb monetary policy or hurt banks' balance sheets.

Campos Neto said representatives of the International Monetary Fund (IMF) have approached the central bank and given feedback that this model seems the easiest to implement, and other central banks should look into it.