Brazil Central Bank Unveils CBDC, Tokenization ‘Events’ – Digital Real Rollout Imminent?

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 23, 2023 06:20 EDT

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Brazil’s Central Bank, the Banco Central do Brasil (BCB), has unveiled a “roadmap” of events ahead of the nation’s CBDC rollout.

In an official BCB release, the bank stated that it would also begin assessing the possibility of enabling the launch of tokenized assets.

The BCB unveiled a list of “monthly webinars” as part of its digital real platform development.

The events will run until November and will see the bank, fintech experts, and BCB partners discuss CBDC rollouts, as well as the results of the BCB’s own digital real pilot.

The pilot is now moving into advanced stages ahead of a slated rollout next year.

Several high-profile companies were unveiled as digital real partners last month.

These include the crypto-keen neobanking unicorn Nubank.

A small number of domestic crypto firms were also included as consortium members.

Policy-making “working groups” will also meet until November to discuss tokenized assets and CBDC-related matters.

The BCB said the groups would look to compare “the Brazilian experience” with “international scenarios.”

They also want to “study of the impact of the use of distributed ledger technology and blockchain technology” on “services and markets.”

And the central bank said it wanted the groups to examine the cybersecurity credentials of existing tokenization solutions.

Brazil Central Bank’s CBDC and Tokenization Plans

The working groups will also be tasked with examining “the legal framework” surrounding tokenization and the “eventual proposal of regulatory amendments.”

A discussion forum with “other regulators and market participants” was also touted.

Academic, industry insiders, regulators, and international organizations will be invited to contribute to the webinars and meetings, the bank said.

The central bank has previously stated that it wants to launch a digital fiat in 2024 following its behind-closed-doors pilot.

BTC and CBDC will coexist.

In Brazil PIX (Central Bank Eletrônic payment System) was adopted by more than 80% os the population and is now the may tool that ppl uses to pay stuff.

But… it is not scarse and will never be able to replace BTC for savings.

BTC is for savings.

— The Bitcoin Crab (@TheBTCkrab) June 4, 2023

The bank has also promised that its CBDC will differ from others by aiming to aid domestic startups.

The BCB said that while other banks’ CBDC projects are focusing on retail markets, the Brazilian token will “foster new business” in the financial services sector.