Digital Real should be officially launched in 2024

O digital real will be the first Brazilian digital currency and is part of the Central Bank (BC) strategies with the aim of promoting the digitization and development of the Brazilian financial market. Basically it will be a coin alternative, with the same value of the physical real. Keep reading to better understand this news.

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What is known so far about the digital real?

The growth of crypto assets has stimulated central banks in several countries to develop their digital currencies. In this sense, the BC innovation laboratory has already selected nine projects that aim to program applications for the digital real, the national digital currency that should be launched in 2024.

The digital real is basically an alternative digital currency with the same value as the physical real. So far, it is already known that after the implementation of the currency, it will be possible to make offline transfers and facilitate international payments, as well as speed up the processes of selling and buying real estate.

The currency can be converted to any of the payment methods currently available, such as bank deposit, in addition to being converted into physical real, and can be used for personal transfers and bill payments.

The objective is for the digital real to have new functions, which are not compatible with the conventional real. For this, the works of the Lift Challenge were first selected, a partnership between the BC and the National Federation of Associations of Central Bank Servers (Fenasbac).

Giesecke+Devrient, one of the international companies selected at Lift, is of German origin and has experience in the area of ​​technology in finance. In this sense, his project, which is quite interesting, aims to enable the transfer of values ​​even when the two parties involved in the operation are offline.

Challenges

Currently, the main challenge for the implementation of a national digital currency is that the Brazilian payment system is already modern and has good solutions at the moment, which serve both wholesale and retail payments well.

The projects under analysis are from the following companies: Aave, Febraban, Banco Santander Brasil, Itaú Unibanco, Giesecke + Devrient, Mercado Bitcoin, Visa do Brasil, Vert and Tecban. There is still a long way to go before the launch of the digital real, but everything is heading towards boosting the Brazilian economy.

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