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Brazil May Debut its Digital Real with Defi Integration in 2024

David – Crypto Speculator 

According to Central Bank of Brazil President Roberto Campos Neto, the digital real project, or Brazilian Central Bank Digital Currency (CBDC), could be introduced in 2024. Campos Neto also mentioned the advantages that the use of digital currencies could have when combined with established financial systems and decentralised financial institutions (defi).

One of the nations that has made considerable strides in the area of central bank digital currency (CBDC) over the past 12 months is Brazil. Even while there isn't an official release date for the digital real just yet, Roberto Campos Neto, the head of Brazil's central bank, has said that it might happen in 2024. Campos Neto said during an event on December 13th “‘In 2024, I would like to have a release. There are still many challenges to reach this schedule, but this is our vision, our goal.”

This, according to Campos Neto, is feasible if the digital real's test-trial run begins in 2023 and might end in the same year. He is aware of the numerous obstacles on the roadmap, though, which could cause the project's completion to be delayed.

Campos Neto also mentioned the fusion of traditional and decentralised finance-based structures with the digital real. The implementation of a model that incorporates digital real with Open Finance, a model that encourages the sharing of data, products, and services amongst regulated companies, is one of the challenges on which the bank is concentrating.

In this case, Brazilians would just only a single meg app to handle all their financial assets, including tokenized banking accounts, digital real estate, and cryptocurrency holdings. It's not the first time Campos Neto has brought up this idea. Campos Neto also mentioned a super app in November, which would integrate all the features of conventional and legacy financial products into a single center.

The programmable nature of digital real, according to Campos Neto, will enable its integration with fresh frameworks that might link Web3 ecosystems and payment systems like Pix. Regarding this, he stated: “It is very important for it to be programmable so that you can add new functionalities, in PIX, in theory, you can put a smart contract on top of it.”

Digital integration pushes the idea of cryptocurrency adoption as a global currency. And this can be seen in India, El Salvador, Brazil, and many other countries. Slowly but surely, everyone is trying to integrate themselves into the space, which every year attracts more and more attention.

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