Brazil Intends to Launch its CBDC in 2024

The Brazilian Central Bank announced in June 2021 the national digital currency could be available on the domestic market in the next three years.

To make this possible, the authorities plan to adjust the financial legislation to regulate operations with the token.

According to Reuters, the digital real will be integrated into the Brazilian payment infrastructure by the end of 2024.

The Central Bank, along with other credit institutions and fintech companies, is currently testing the CBDC.

Banks will be able to act as intermediaries when processing digital currency transactions, while client funds held on deposits will be used to secure the tokens.