In order to modernize the country’s financial system, the apex bank of Brazil has commenced pilot testing for the digital version of the country’s currency, otherwise known as the Central Bank Digital Currency.
The period of development and testing will last till February 2024, after which the evaluation stage will commence.
In the pilot phase, only a handful of businesses will participate.
According to Brazilian Central Bank project coordinator Fabio Araujo, the testing phase will involve real-world transactions with the sale and purchase of federal bonds.
Also, the CBDC will be a blockchain-based payment system that will encourage retail transactions in the country.
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