How will Real Digital, a virtual currency scheduled for 2023, work?

From 2023, Brazil will have its own virtual currency, called Real Digital. This novelty comes to add more to digital payment methods, which already have the Pix platform and several options for virtual wallets. In fact, what is expected is that the tests of the new currency will start from 2023.

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All information regarding Real Digital was provided by the Central Bank (BC). It is the financial authority responsible for regulating all processes related to the subject in Brazil.

What is Real Digital? understand the subject better

As is evident from its name, Real Digital is nothing more than the virtual version of the Brazilian currency. The official name for this type of asset is Central Bank Digital Currency (CBDC) and its application is being used all over the world.

Making the new currency viable for the digital world will help expand transactions through electronic devices and the internet. Since 2021, the topic has been debated and tested by a select audience of market participants who analyze the technological feasibility of the new currency.

In 2023, the population will be able to experience the new digital money

According to the BC, as of 2023, consumers across the country will have access to the pilot test project for the new Real Digital. “The Central Bank’s digital currency will be an expression of our sovereign currency. With it, it will be possible to offer new services and greater security for transactions carried out in a digital way”, said the economist of the Central Bank Fabio Araújo, in an official statement.

Also according to the information, the benefits of the new currency include the ease of using money anywhere in the world, as the conversion would be done automatically. It will make the crime of money laundering more difficult and tends to stimulate innovation processes in the financial sector.

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