Central Bank: tests with digital Brazilian currency to start in 2023

The tests of the digital version of the Brazilian currency called Digital Real shall start in 2023, according to the economist of the Central Bank Fábio Araújo. The first tests were scheduled for this year, but the strike by Central Bank employees has delayed the plan.

“In 2023 and part of 2024, we will do the tests that will enable to launch the digital currency in the second half of 2024,” said Araújo on Monday (30th), in a virtual debate on the topic promoted by the Brazilian Bank Federation (Febraban).

In 2021, the Central Bank announced it was developing the Digital Real as an extension of the physical currency. Unlike cryptocurrencies, the Digital Real will have the guarantee of the Brazilian Central Bank, and it will offer the possibility of using new technologies, such as smart contracts, payment in other countries, and its use in the internet of things (IoT).

Clients interested in using the Digital Real must obtain a virtual card from an agent authorized by the Central Bank – such as a bank or a payment institution. The version of the digital currency will be an additional option to the use of conventional banknotes, and can be converted to any other available payment method – such as a conventional bank deposit or in physical Real.