Brazil’s Central Bank Plans to Launch a CBDC Pilot in 2022: Report

The Central Bank of Brazil (BCB) plans to launch a pilot of a digital currency (CBDC) by 2022, BCB President Roberto Campos Neto said on Friday, local media outlet Estadao reported.

In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic advisor to the BCB, who added that the monetary authority would conduct initial tests in 2022.Brazil’s central bank has also been discussing a bill to regulate digital assets as an investment vehicle, Campos Neto also said on Friday, without disclosing further details.“[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument,” Campos Neto noted, adding that crypto purchases are impacting Brazil’s import figures.According to the BCB, Brazilians have already acquired $4.27 billion of crypto so far in 2021. In August, Campos Neto said that Brazilians held about $40 billion in total in cryptocurrencies.

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