the new currency that promises to revolutionize the Brazilian economy

At cryptocurrencies (digital currencies) emerged 13 years ago with the launch of Bitcoin. The initial promise was to replace paper money, however, this did not happen. Currently, they are mostly used as assets (goods that can be traded). In that sense, the Brazil plans to launch Real Digital to move the economy. Check out what’s new!

Read more: Cryptocurrencies in 2022: See if it’s still worth it

Everything you need to know about Real Digital

The new currency is being designed to significantly change the operations of the Brazilian economy, as happened with the launch of Pix in 2020. In general terms, Real Digital will be used to make payments, transfers and withdrawals and will have the same value as the real in banknotes and coins.

If the population accepts the idea well (as happened with Pix), it is possible that physical money will be used less and less, and in this way, Real Digital will recover the initial meaning of cryptocurrencies. See below for details on how this currency is programmed to work.

Virtual Wallet for Real Digital

The Central Bank (BC) intends to create a virtual wallet for the new currency, which will be in the custody of an agent authorized by the BC, such as a bank or other financial institution. Thus, the idea is that operations with Real Digital occur through this authorized institution.

Investments with Real Digital

The currency can also be used for investments, and the initial idea is that its values ​​are stored in a savings account in the respective digital wallets. In addition, Real Digital can still be converted into bank deposits and physical reais.

Impact of Real Digital on the economy

The expected impact of Real Digital on the economy is that of greater ease combined with more efficiency in various services, especially with regard to the use of technologies for financial transactions, such as blockchain, an economy based on tokens widely used by fashion, sports and gaming companies.

Difference between Real Digital and physical money

The main difference between physical money and Real Digital is that it will allow new business models within the global economy, after all, the world is increasingly technological. Therefore, it will be possible to incorporate smart contracts and greater flexibility in the use of money.

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