The Central Bank of Brazil Is Going To Launch CBDC in 2024

Every country explores rolling out CBDC. Some countries are already out there starting pilot programs to test it and make the necessary adjustment. The Central Bank of Brazil plans to launch Central Bank Digital Currency (CBDC) in 2024. They are working on it and launching pilot programs next year.

Maybe you think CBDC will not be there in your country. Just wait and you will get news in time. The central bank of your country will announce its Central Bank Digital Currency (CBDC) launching plan. Don't know how it will affect everything but it will not be the same as it is now.

According to Roberto Campos Neto, president of the Central Bank of Brazil, CBDC is a digital currency issued by a central bank and it will go through a pilot program along with some financial institutions before introducing widely. It will include people in the financial sector that helps a lot with the development of the country.

It will appear to be a tokenized store of value. It will not only lower the cost and barrier of entry but also help control risk efficiently, monetize data, and tokenization of capital assets and contracts.

The International Monetary Fund (IMF) is happy to help them to launch CBDC which will be suitable for their country. They are working with a representative of the IMF. So how would the bank function after launching CBDC? Is it going to be a threat to the banks? It is pointed out that it will not be a threat to the bank's balance sheet.

We will keep getting more news about CBDC in the future. Once people said the internet was a fade, they are proven to be wrong. Then they keep saying Bitcoin is a bubble and there is no future for cryptocurrency.

Now looks like they are in a fight to sustain the dominance of fiat currency with the help of Central Bank Digital Currency (CBDC). After introducing CBDC, they will not hesitate to push and force to increase the adoption of CBDC. For example, Nigeria imposes ATM withdrawal limits of $225 cash per week for faster adoption of eNaira.

Other countries are watching and observing the reaction. And if it becomes successful, you may see difficult countries come up with ideas that will be implemented to adopt their CBDC. I was wondering if there was no cryptocurrency, will the central authority come up with CBDC? They see cryptocurrency as a threat to the monopoly in the financial system.

CBDC can give them the ultimate power of what you hold in your wallet and they can keep playing games in the existing financial system. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

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